Indian economy dives 7.5 percent in 3 months to end of September

Xinhua
28 Nov 2020, 04:19 GMT+10

India's economic growth rate contracted 7.5 percent during the period from July to September.
The figures released by India's federal national statistical office showed the GDP growth in the July to September period receded by 7.5%.
"GDP at Constant Prices in Q2 of 2020-21 is showing a contraction of 7.5 percent as compared to 4.4 percent growth in Q2 of 2019-20."

NEW DELHI, India, Nov. 27 (Xinhua) -- India's economic growth rate contracted 7.5 percent during the period from July to September, government data released on Friday said.

The figures released by India's federal national statistical office (NSO) showed the gross domestic product (GDP) growth in the July to September period (Q2 of 2019-20 fiscal year) has shown contraction of 7.5 percent.

"GDP at Constant (2011-12) Prices in Q2 of 2020-21 is showing a contraction of 7.5 percent as compared to 4.4 percent growth in Q2 of 2019-20," said a statement issued by the ministry of statistics and programme implementation.

With this Indian economy has officially entered a technical recession as two consecutive quarters of negative growth in GDP have been recorded.

The real GDP for April-June 2020 (Q1) contracted 23.9 percent, the steepest fall ever (and the first contraction in 40 years).

Agriculture sector was the main driver of the economy as it grew 3.4 percent year on year. The manufacturing sector rose 0.6 percent in July-September.

Electricity, water, gas and other utility services also rose 4.4 percent.

The Indian economy received a setback due to the ongoing COVID-19 pandemic as a nationwide lockdown imposed on March 25 to contain its spread. Though it has been relaxed now, it badly hit the Indian economy and resulted in the loss of jobs.

The current data is reflective of the countrywide lockdown and the income shock experienced by households and firms due to the ongoing COVID-19 pandemic.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Florida Statesman.

More Information

33 ℉

Fair in Montgomery

International

Section

Israel shuts out Palestinians from vaccine program

JERUSALEM - Israeli authorities should provide Covid-19 vaccines to the more than 4.5 million Palestinians in the occupied West Bank ...

Thousands of armed National Guard troops patrol U.S. capital

WASHINGTON, DC - Washington is locked down and U.S. law enforcement officials are geared up for pro-Trump marches in all ...

Trump administration makes major military strategic shift for Israel

WASHINGTON, DC - In a sign of the changing political environment in the Middle East, the United States military will ...

Execution on Saturday possible last Federal execution in United States

WASHINGTON, DC - Outgoing U.S. President Donald Trump's administration carried out its last federal execution when Dustin John Higgs, convicted ...

Undercover Chinese survey ship intercepted in Indonesian waters

A Chinese government survey ship was intercepted "running dark" without broadcasting its position via AIS (Automated Identification System) by Indonesian ...

Two UN Peacekeepers Ambushed, Killed in CAR - MINUSCA

Moscow [Russia], January 19 (ANI/Sputnik): Two peacekeepers from the United Nations Mission in the Central African Republic (MINUSCA) were killed ...

Business

Section