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India is considered as one of the fastest developing country in the world. In middle of the pandemic Covid-19, well developed country's economy has got affected. And India's condition is no different. Gross Domestic Product, it is final value of the goods and services produced within the geographic boundaries of a country during a specified period of time normally a year. GDP has shrinked by 23.9% for the April to June quarter. In gross value added terms, the economy has shrinked upto 22.8.%. India has never encountered economic shrinkage in at least four decades. This is the first ever occurrence of retarding growth since 1996 when the country started publishing quarterly GDP data. The government's chief economic advisor allocated the declination to "exogenous factors" owing to the Covid-19 pandemic and the emergence of lockdown. Thereafter, stunted economic growth of countries around the globe. The rigid lockdown in India resulted in a huge loss among various sectors and detained economic activities.
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India is considered as one of the fastest developing country in the world. In middle of the pandemic Covid-19, well developed country's economy has got affected. And India's condition is no different. Gross Domestic Product, it is final value of the goods and services produced within the geographic boundaries of a country during a specified period of time normally a year.
GDP has shrinked by 23.9% for the April to June quarter. In gross value added terms, the economy has shrinked upto 22.8.%. India has never encountered economic shrinkage in at least four decades. This is the first ever occurrence of retarding growth since 1996 when the country started publishing quarterly GDP data.
The government's chief economic advisor allocated the declination to "exogenous factors" owing to the Covid-19 pandemic and the emergence of lockdown. Thereafter, stunted economic growth of countries around the globe. The rigid lockdown in India resulted in a huge loss among various sectors and detained economic activities.