India's GDP Slumps 23.9%, Highest Among Major Economies
India has registered the steepest contraction of its GDP post Independence for the April-June quarter of the current financial year.
As per the data released by the National Statistics Office (NSO), India slumped 23.9% down as compared to the previous quarter (Jan-March) where it registered a growth of 3.1%.
India has the highest downfall of GDP followed by UK and Malaysia. At the same time, China has registered a growth of 3.2% although the country epicenters the pandemic.
All the major sectors have contracted except for agriculture.
Construction recorded the highest downfall of 50.3% followed by Hotels (47%) as per the quarterly estimates of GVA.
The important sector of manufacturing also recorded a decrease of 39.3%.
The downfall of the economy comes amid the COVID-19 induced lockdown, where economic activity was halted throughout the country.
The data indicates the first benchmark on the state of India’s economy after the pandemic.