India’s economy contracts by 24% in Q2; current-quarter outlook shimmers

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India’s economy contracts by 24% in Q2; current-quarter outlook shimmers

Indian Govt. data released on Monday had revealed that the world’s fifth-largest economy by nominal GDP (Gross Domestic Product) ahead of Britain had been telescoped by 23.9 per cent over the second quarter of the year on an adjusted basis, marking up the second-worst hit nation among the G20 economies from the pandemic-led forced business closure after Japan which last week had reported a contraction of roughly 27% that rubbed out all of the gains obtained during the terms of PM Shinzo Abe and had shortly followed an end of the Abeconomic era.

Adding further strains to a gloomier outlook in a pandemic-paralyzed global economy, India’s National Statistical Office said in a statement earlier this week that the 23.9 per cent contraction during April-June quarter in the Indian economy, which happens to be the country’s worst economic performance since the Indian Govt.

had started off tracking down the data, followed a 3.1 per cent rise over the first quarter of the year that had been the pandemic-hit nation’s worst performance in at least eight years.

PM Modi’s $266 billion stimulus package averts further shrinkage - analysts

Meanwhile, as the pandemic outbreak had been rampaging economies all over the globe, the Indian Government of PM Modi of Bhartiya Janata Party had released a pandemic stimulus package worth of $266 billion without which the world’s third-largest economy in PPP (Purchasing Power Parity) could have faltered further, suggested analysts followed by the release of latest set of distressful data from the National Statistics Office.

Apart from that, an Associated Press report published earlier in the week had also quoted a number of analysts as saying that the Indian economy might have been in the brink of a tentative recovery over the next quarter of the year as millions of migrant workers who had been forced to return back to their home-states, had been gradually returning to the heavy-money Indian cities.