INDIAN ECONOMY CONTRACTS 7.5 PCT IN JULY-SEPT QUARTER
By Shakir Husain
NEW DELHI, Nov 27 -- The Indian economy sank 7.5 per cent in the July-September quarter, recording its second consecutive quarterly drop amid the coronavirus pandemic.
Gross Domestic Product (GDP) was recorded at 33.14 trillion rupees (RM1.82 trillion) in the 2020-21 fiscal year's second quarter compared with 35.84 trillion rupees (RM2.0 trillion) during the corresponding period last year, the National Statistical Office (NSO) said on Friday.
"With a view to contain the spread of the COVID-19 pandemic, restrictions were imposed on the economic activities not deemed essential during the first quarter. Though the restrictions have been gradually lifted, there has been an impact on the economic activities," it said in a statement.
GDP plummeted 23.9 per cent in the April-June quarter when India implemented many harsh measures against public movement as part of a national lockdown to contain the pandemic.
Real GDP is expected to decline by 9.5 per cent for the financial year ending March 2021 as a whole, the Reserve Bank of India (RBI) said last month.
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