Mumbai: India´s economy contracted 7.3 percent in 2020-21, official data showed on Monday, its worst recession since independence as coronavirus lockdowns put millions out of work.Asia´s.
Indian economy tumbles under Modi, suffers worst recession since 1947
By
Tuesday Jun 01, 2021
A labourer takes a break from work as he sits on a footpath near a construction site after the Indian authorities announced a tentative easing of the lockdown in New Delhi on May 31, 2021, as Covid-19 coronavirus infections fall in major cities after weeks of restrictions. -AFP
MUMBAI: India’s economy contracted 7.3% in 2020-21, official data showed Monday, its worst recession since independence as coronavirus lockdowns put millions out of work.
Asia’s third-largest economy grew by 1.6% between January and March the fourth fiscal quarter after exiting its first technical recession since 1947 following two successive quarters of contraction.
Indian shares’ recent rally was stalled on Tuesday, as gains in energy stocks, amid optimism from declining daily cases of COVID-19, were offset by losses in materials and financials.