Economy: steepest GDP decline on record -R Suryamurthy
The last time that India faced a full-year contraction in its real GDP was in 1980
The Indian economy shrank by 23.9 per cent in the first quarter ended June 30, signalling that the road to recovery would be more arduous than most economists have projected.
It marks the steepest decline since the National Statistical Office (NSO) started quarterly measurement of gross domestic product (GDP) in 1996.
The slide in real GDP — which is measured on the basis of prices in 2011-12 — had been expected after the Narendra Modi government clamped the world’s severest lockdown in March to stop the spread of the coronavirus pandemic, triggering a slump in consumer spending, private investment and exports.
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The Telegraph, 1 September, 2020, https://www.telegraphindia.com/india/economy-steepest-gdp-decline-on-record/cid/1790636?fbclid=IwAR0X3Bsso3DoNQvv7V8shvv6MtzVlZfh9lcjEkXhSpmtR4yUUuQ30o5uEso