For the first time in 40 years the GDP of India registered a negative growth. India’s economic growth slips to -23.9% in the first quarter (April-June) of 2020-21.
The first economic contraction since 1980, and maiden quarterly GDP fall on record, follows limited activity during the June quarter amid lockdowns to control the spread of the coronavirus pandemic.
The first quarter saw an unprecedented closure of shops, markets, and industries, which forced the wheels of the economy to a standstill.
Except for agriculture, almost all the corners of the economy were severely hit. Though the government had announced a series of reforms and schemes to provide a fillip to the economy, lockdown restrictions and increasing cases of coronavirus kept the economic activity grounded in the first quarter.
(With inputs from agencies)
Source: Thanks WIONews.com