India’s GDP set for biggest contraction since 1952
Statistics ministry says GDP will shrink 7.7% in the financial year ending March 2021
07 January 2021 - 14:54
India’s economy is set for its biggest annual contraction in records going back to 1952 as the rapid spread of coronavirus cases and measures to contain them hurt businesses and households.
GDP will shrink 7.7% in the financial year ending March 2021, the statistics ministry said in its first advance estimate published on Thursday. That is steeper than a 7.5% drop forecast by the Reserve Bank of India, as well as economists surveyed by Bloomberg...
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