India's GDP Slumps 23.9% | India News

Thursday, 24 September 2020

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India's GDP Slumps 23.9%, Highest Among Major Economies

G Plus News | September 01, 2020 13:19 hrs

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.

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