Experts Say The Indian Economy Is Nearing To Enter A Historic Recession!
The ongoing Covid-19 pandemic has left a heavy toll on the Indian economy. The series of lockdowns imposed by the Union government to curb the pandemic resulted in everything coming to a standstill.
Even the relaxations given to various industries didn't help the Indian economy to recover. Indian economy reportedly shrunk in the second quarter of the financial year.
The Reserve Bank of India(RBI) opined that the slump in the Indian economy is a clear indication of India entering into a historical recession, which is the first of its kind in recent times.
During the second quarter (Q2) APR-JUN, India's Gross Domestic Product (GDP) saw a shrink of as much as 23.9 percent, and the GDP is expected to contract by around 8.6 percent.
However, the Reserve Bank of India(RBI) maintained that the Indian Economy might witness growth in October-December as the automobile industry saw a growth in sales.
The RBI termed the second wave of the novel Coronavirus as a big threat to the Indian Economy and if that is overturned then the economy might witness growth.
Even the relaxations given to various industries didn't help the Indian economy to recover. Indian economy reportedly shrunk in the second quarter of the financial year.
The Reserve Bank of India(RBI) opined that the slump in the Indian economy is a clear indication of India entering into a historical recession, which is the first of its kind in recent times.
During the second quarter (Q2) APR-JUN, India's Gross Domestic Product (GDP) saw a shrink of as much as 23.9 percent, and the GDP is expected to contract by around 8.6 percent.
However, the Reserve Bank of India(RBI) maintained that the Indian Economy might witness growth in October-December as the automobile industry saw a growth in sales.
The RBI termed the second wave of the novel Coronavirus as a big threat to the Indian Economy and if that is overturned then the economy might witness growth.