ET News. Indian economy runs into technical recession as the GDP contracts 7.5% in the second quarter of FY21. The GDP shrank slowly due to the Covid-19 pandemic, but has eventually led India into recession.
India’s real GDP fell to 7.5% in the July-September quarter showed the data released by the Ministry of Statistics and Programme Implementation. GDP at current prices showed a shrink of 4%.
The GVA reduced by 7%. The economy had contracted a huge 23.9% in the first quarter as to the pandemic had made the activities stagnant. The National Statistical Office says that the economy could show growth in the third quarter.