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Corona stabilized the economy, leaving India in recession for the first time since 1947

Saturday, November 28, 2020

 Corona stabilized the economy, leaving India in recession for the first time since 1947


  • MUMBAI: The Indian economy contracted for the first time since its independence from the British after shrinking by 7.5 per cent between July and September.
  • Although the Indian economy has recovered somewhat after shrinking by 29.9% in the last quarter, Asia's third-largest economy is currently struggling to meet demand and create new jobs due to the steady rise in corona cases. ۔
  • After shrinking for two consecutive quarters, the Indian economy is technically in recession for the first time since 1947, the French news agency AFP reported.
  • However, the global outbreak of the Corona epidemic hit the world economy hard, but the US, Japan and Germany's economies improved during the September quarter, which is expected to The wheel of the Indian economy will also move in the right direction this quarter.
  • The IMF has predicted that the Indian economy will shrink by 10.3 per cent this financial year, the biggest loss to any major economy in the world and the worst recession for India since independence.
  • A report released by the Oxford Economist earlier this month states that even after the epidemic improves, the Indian economy will remain one of the worst affected economies and its annual output will be higher than previously estimated by 2025. 12% less.
  • It may be recalled that in India with a population of 1.3 billion, a large number of people have lost their jobs due to months-long lockdown during the Corona epidemic.


Author

OTG Newz