July 24, 2024 05:17 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Viral video shows tourist fainting after King's Guard Horse bites her in London while posing for photo | Budget allocates Rs 3,183.24 cr for minority affairs, up Rs 574.31 cr from previous year | US Secret Service director quits days after shooting at Donald Trump's rally | Budget 2024 will empower all sections of society, focuses on farmers in a big way: PM Modi | Pioneering a prosperous future: Nitin Gadkari hails Modi govt's first budget of third term
India in 'technical recession' as RBI predicts GDP contraction of 8.6% for July-Sept quarter
Image Credit: Unsplash

India in 'technical recession' as RBI predicts GDP contraction of 8.6% for July-Sept quarter

| @indiablooms | 12 Nov 2020, 01:24 pm

New Delhi/IBNS: India's central bank on Thursday said the country has likely entered into a technical recession besides predicting a contraction in Gross Domestic Product (GDP) of 8.6% in the July-September quarter, media reports said.

India has likely entered into the first ever technical recession at the end of the first half of 2020-2021, the Reserve Bank of India (RBI) said.

The GDP contraction of 8.6% is preceded by a massive decline in the growth rate (23.9%) in the April-June quarter.

A country is said to be in recession when its GDP remains in negative for two consecutive quarters or more.

The Indian economy took a body blow in 2020 following the prolonged, unprecedented lockdown, which was called by Prime Minister Narendra Modi in late March, as all socio-economic activities went for a standstill for months.

However, most of the economic activities have now been reopened with strict maintenance of Covid-19 protocols.

Meanwhile, the central government is likely to announce the second round of economic stimulus before festival Diwali, said a media report, adding that it would be linked to job creation and extension of the cabinet's decision to push growth with production-linked incentive.

The first stimulus package of Rs 21 lakh crore, called Atma Nirbhar Bharat package, was aimed at supporting the economy amid the Coronavirus induced lockdown.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.