India economic growth hit by record slump after virus lockdown — World — The Guardian Nigeria News – Nigeria and World News

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A man waits for customers at his clothing store in New Delhi on August 31, 2020. (Photo by Jewel SAMAD / AFP)

India’s economic growth suffered a historic 23.9 percent decline between April and June, official figures showed Monday, as manufacturing and productivity were battered by a strict coronavirus lockdown.

The contraction was the biggest since New Delhi started publishing quarterly statistics in 1996, and the latest figures came as the country’s coronavirus cases surged past the 3.6 million mark.

The steep dip in Asia’s third-largest economy reflected the impact of a months-long nationwide shutdown that saw most industrial and manufacturing activity grind to a halt.

The virus restrictions dealt a severe blow to an economy that was already struggling with a protracted slowdown through 2019, hit by the twin shocks of shrinking consumer demand and rising unemployment levels.

The decline was worse than expected, with a survey of economists by Bloomberg earlier predicting a…



Source: Guardian Newspaper