As per the information launched by the Nationwide Statistical Workplace (NSO), India’s Gross Home Product (GDP) for the April-June quarter (Q1) slipped by a pointy 23.9 per cent.
The info launched by NSO, which comes beneath the Ministry of Statistics and Programme Implementation (MoSPI), is significant as it would present the primary benchmark on the state of India’s economic system after the pandemic.
The June quarter GDP knowledge is the worst contraction within the historical past of the Indian economic system since Independence. In line with the economists surveyed by Bloomberg, India’s GDP is estimated to have declined 18 per cent within the quarter ended June.
The contraction can also be the worst amongst G20 nations. Earlier than this, the UK had reported the largest hunch in GDP among the many world’s prime 20 economies with a 21.7% plunge within the June quarter, its deepest contraction on file.