Is India expected to shrink at its sharpest pace since 1979 this fiscal year?
On tuesday, a report by the finance ministry had said india is on the path of economic recovery but increasing coronavirus cases in the country cloud its prospects. india has the third-highest coronavirus caseload globally. india is expected to release its April-June GDP numbers by the end of August. Showing the impact of the novel coronavirus pandemic, India's economic growth slipped to 3.1 percent in the January-March quarter of 2019-20 and the country's Gross Domestic Product (GDP) growth in FY2019-20 slowed down to an 11-year-low of 4.2 percent, data released by the National Statistical office (NSO) in May showed.
Recently, a private business survey showed on monday that India's factory plunge deepened in July with renewed lockdown measures to contain coronavirus from spreading. Earlier, a Reuters survey on the impact of coronavirus-induced lockdown in india showed that Asia's third-largest economy is expected to shrink at its sharpest pace since 1979 this fiscal year.
Data released by the Commerce and industry Ministry on July 31 showed that seven sectors coal, crude oil, natural gas, refinery products, steel, cement, and electricity had recorded negative growth in May as the output recorded by them declined by 15.5 percent, 6 percent, 12 percent, 8.9 percent, 33.8 percent, 6.9 percent, and 11 percent, respectively. The overall output of the eight core infrastructure industries shrunk by 15 percent in June. During April-June, the sector's output dipped by 24.6 percent and in May, the sectors' output had contracted by 22 percent.
Recently, a private business survey showed on monday that India's factory plunge deepened in July with renewed lockdown measures to contain coronavirus from spreading. Earlier, a Reuters survey on the impact of coronavirus-induced lockdown in india showed that Asia's third-largest economy is expected to shrink at its sharpest pace since 1979 this fiscal year.
Data released by the Commerce and industry Ministry on July 31 showed that seven sectors coal, crude oil, natural gas, refinery products, steel, cement, and electricity had recorded negative growth in May as the output recorded by them declined by 15.5 percent, 6 percent, 12 percent, 8.9 percent, 33.8 percent, 6.9 percent, and 11 percent, respectively. The overall output of the eight core infrastructure industries shrunk by 15 percent in June. During April-June, the sector's output dipped by 24.6 percent and in May, the sectors' output had contracted by 22 percent.