GDP of India-Economy
India's economic contraction last quarter sets back the progress for many years. The PM Narendra Modi's ambitious targets of doubling the economic size to $5 trillion are almost out of reach.
Contract in economy
The 23.90% drop in GDP in the June quarter from 2019 is the massive fall of economies tracked by Bloomberg. This prompted banks to depreciate their full-year predictions. The shrink in the economy happens for the first time in 40 years.
Due to the global COVID-19 pandemic, the GDP of the United States shrank at a rate of 5% during the first quarter of 2020. In India, many people lost their livelihood. This in turn affects the contribution to the gross domestic product of the economy.
Curb lending by banks
In previous years, India has overseen the growth rates of ...