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Mon May 31, 2021, 04:26 PM

Indian economy, hit by COVID-19, shrinks by 7.3% in 2020-21

Source: AP

India’s economy, pummeled by the coronavirus pandemic, contracted by 7.3% in the 2020-21 financial year, just before the country was hit by another catastrophic surge in infections.

The economy grew at a 1.6% annual rate in the January-March quarter, according to figures released Monday by the government, but that recovery was stifled by a resurgence of infections in March. Daily new cases set global records, spurring many states to announce widespread restrictions and lockdowns.

New cases and deaths recently have begun to decline, but much of the country is still under some form of a shutdown, with many industries and businesses unable to resume work.

In January, a government survey estimated the economy -- previously one of the fastest growing among major nations -– would bounce back, expanding 11% in the current fiscal year, which began in April. But some ratings agencies say growth is likely to slow to about 10% due to the most recent surge in COVID-19 cases.

Read more: https://www.yahoo.com/news/indian-economy-hit-covid-19-125101213.html

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Reply Indian economy, hit by COVID-19, shrinks by 7.3% in 2020-21 (Original post)
progree May 31 OP
yaesu May 31 #1
roamer65 May 31 #2
peppertree May 31 #3

Response to progree (Original post)

Mon May 31, 2021, 04:55 PM

1. and they didn't have the fed propping up their stock market making the rich richer. nt

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Response to progree (Original post)

Mon May 31, 2021, 05:29 PM

2. Time for unlimited QE by the Reserve Bank of India.

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Response to progree (Original post)

Mon May 31, 2021, 07:50 PM

3. About the world average for 2020, excluding China

The worst year for the world's economy since 1932 at least.

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