Xinhua
28 Nov 2020, 04:19 GMT+10
NEW DELHI, India, Nov. 27 (Xinhua) -- India's economic growth rate contracted 7.5 percent during the period from July to September, government data released on Friday said.
The figures released by India's federal national statistical office (NSO) showed the gross domestic product (GDP) growth in the July to September period (Q2 of 2019-20 fiscal year) has shown contraction of 7.5 percent.
"GDP at Constant (2011-12) Prices in Q2 of 2020-21 is showing a contraction of 7.5 percent as compared to 4.4 percent growth in Q2 of 2019-20," said a statement issued by the ministry of statistics and programme implementation.
With this Indian economy has officially entered a technical recession as two consecutive quarters of negative growth in GDP have been recorded.
The real GDP for April-June 2020 (Q1) contracted 23.9 percent, the steepest fall ever (and the first contraction in 40 years).
Agriculture sector was the main driver of the economy as it grew 3.4 percent year on year. The manufacturing sector rose 0.6 percent in July-September.
Electricity, water, gas and other utility services also rose 4.4 percent.
The Indian economy received a setback due to the ongoing COVID-19 pandemic as a nationwide lockdown imposed on March 25 to contain its spread. Though it has been relaxed now, it badly hit the Indian economy and resulted in the loss of jobs.
The current data is reflective of the countrywide lockdown and the income shock experienced by households and firms due to the ongoing COVID-19 pandemic.
Get a daily dose of Africa Leader news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Africa Leader.
More InformationPresident Joe Biden has issued an executive order that overturns a ban on transgender people serving in the U.S. military.In ...
NEW DELHI, India - India and China have agreed to push for an early disengagement of the frontline troops in ...
PanARMENIAN.Net - There is some evidence that a new coronavirus variant first identified in southeast England carries a higher risk ...
AMSTERDAM, Netherlands - A Canadian man, one of the world's most wanted fugitives, has been arrested by the Central Unit ...
LOS ANGELES, California (ANI/Big News Network) - American award-winning TV and radio host Larry King, who became a household name ...
PanARMENIAN.Net - Hong Kong's government declared its first lockdown on Saturday, ordering thousands of people to stay in their homes ...
SYDNEY, NSW, Australia - Stocks in Asia lost ground on Tuesday. The Australian market missed the damage as markets were ...
WASHINGTON, DC, January 26 (ANI) - The U.S. Senate has confirmed Janet Yellen to be the next Secretary of the ...
NEW YORK, New York - Wall Street got the wobbles on Monday after a sell-off in Europe and the UK. ...
Washington [US], January 25 (ANI): Potterheads have a reason to rejoice as a new 'Harry Potter' television series is currently ...
SYDNEY, NSW, Australia - Stocks hit the floor running on Monday in a positive start to the new week.Futures trading ...
The massive campaign organized by India's farmers against laws to deregulate the agricultural sector has entered its ninth week. The ...