National Statistical Office: India’s GDP Slumps 23.9 Per cent In April-June Quarter
The lockdown imposed to curb the spread of novel Coronavirus had impacted several businesses and the GDP of the nation.
According to the news reports, India’s GDP experienced the steepest contraction in the April-June quarter of the current financial year in the wake of the lockdown imposed due to the Coronavirus pandemic, which has severely affected India’s economy. According to the data released by the National Statistical Office (NSO), India’s GDP (Gross Domestic Product) in the April-June quarter of 2020-21 slumped 23.9 per cent as compared to growth of 3.1% in the previous quarter of January-March. The lockdown imposed across the nation in order to curb the spread of novel Coronavirus impacted several businesses.
Sources also state that the Indian economy hasn’t experienced such a drastic slump first time since 1996. Lakhs of people have lost their jobs and livelihood due to COVID-19 and the situation continues to get worse. News reports also state that India’s economy is among the worst affected across the globe.
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