Englishकारोबार

The Indian Economy Experiences the Worst tri-weekly Downturn

NEW DELHI: India once being world’s largest economy suffered its largest quarterly steep on record,due to COVID related lockdowns.

The lockdown dealt an “unprecedented blow to the economy,” said Rahul Bajoria, the Mumbai-based chief India economist at Barclays Plc, who estimates GDP contracted by 25.5% last quarter.

With the national lockdown measures being extended through all of April and May, and most states extending their own partial restrictions through all of June, the rural economy, government spending and essentials will likely be the only sectors mitigating some of the decline,” he said.

Janet Elizabeth John@samacharline