Q2 GDP Data: Indian economy contracts 7.5% in 2nd quarter, sequential improvement points to recovery
India's economy officially entered into recession as the second quarter GDP contracted at a slower pace of 7.5 per cent compared to a massive 23.9 per cent in the first quarter of the current fiscal. The GVA declined by 7 per cent. The economy had shrunk by an unprecedented 23.9 per cent in the first quarter of this fiscal due to the coronavirus pandemic and resultant lockdowns. The gross domestic product (GDP) had expanded by 4.4 per cent in the corresponding July-September period of 2019-20.