Updates and trends

According to the latest data release by the Ministry of Statistics and Program Implementation on Friday, India has entered into a technical recession as its GDP shrieked at 7.5% in the second quarter of FY21, consecutively second time this year.

In the first Quarter of FY21(Apr- June), India’s GDP has contracted to 23.9% as it faces the seer effects of COVID-19 situation and lockdown phases. Two straight contraction in GDP means India has officially entered into a technical recession, the first time since it started publishing its quarterly estimates of GDP in FY98.

Sources – Bloomberg Quint

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