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Tags: India | Economy

Indian Economy Shrinks 7.7% in Fiscal 2020-21 amid Pandemic

Friday, 29 January 2021 05:00 AM

NEW DELHI (AP) — India's economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday.

The government survey cited by the Press Trust of India news agency estimates the economy will bounce back, growing 11% in the fiscal year that begins in April.

Finance Minister Nirmala Sitharaman presented the report to Parliament on Friday. She will present the national budget for 2021-22 on Monday.

India’s economy contracted at a 7.5% annual pace in the July-September quarter following a record slump of nearly 24% in the previous three months that pulled the country into a recession. India last suffered a recession in 1979-80 after an oil shock.

A country enters a technical recession if its economy contracts for two successive quarters. India last suffered a recession in 1979-80 after an oil shock.

The downturn followed a strict two-month lockdown imposed across the country beginning in March to combat the pandemic. It triggered massive unemployment in small and medium-sized businesses and left farmers in distress.

The government has sought to cushion the blow from the lockdowns and virus outbreaks, introducing a $266 billion package in May to boost consumer demand and manufacturing. A large part of the package was actually loans provided by banks, many of them without collateral.

That was followed by a $35.14 billion package early this month to stimulate the economy by boosting jobs, consumer demand, manufacturing, agriculture and exports hit by the coronavirus pandemic.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
India's economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday. The government survey cited by the Press Trust of India news agency estimates the economy will bounce back, growing 11% in the...
India,Economy
245
2021-00-29
Friday, 29 January 2021 05:00 AM
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