Indian economy shrinks to 7.5% in the second quarter.
This is the first recession since the government started publishing quarterly GDP data in 1996.
Indian economy contracted by 7.5% in the quarter ended September, but the pace of decline narrowed sharply from a 23.9% fall in the previous quarter as the farm sector held strong while manufacturing returned to the positive zone. However, the crucial services segments fell for the second quarter in a row.
Data released by the National Statistical Office on Friday confirmed that the economy plunged into a recession with two successive quarters of contraction. This is the first recession since the government started publishing quarterly GDP data in 1996.
Experts said the worst may be over for the economy, but cautioned about the impact of a fresh wave of covid 19 infections and localized lockdowns on demand and growth in the months ahead.