India has become one of the worst performing economies of the world. India’s GDP shrank 23.9 percent in the three months ending June.
India’s GDP contraction is among the deepest in major economies of the world. This is the sharpest decline since the figures started going public in 1996.
Investment collapsed by 47%, household consumption contracted by 27%, two massive growth engines. Government consumption increased by 16%
Covid-19 has significantly hit economies across the world. G7 member states comprising of US, UK, Canada, France, Germany, Italy, and Japan are facing recession. China is the only country showing recovery signs.
India was already facing slowdown when the Coronavirus crisis began in March this year. The lockdown brought businesses to a halt and millions of workers fled the cities to go back to their home towns.
India’s contraction is also worst among G20 nations.