India in 'Technical Recession' for 1st Time in History, Says RBI in 'Nowcast'; July-Sept GDP to Contract 8.6%
Image for representation.
The central bank has ‘nowcast’ that Gross Domestic Product (GDP) for the July-September quarter is set for a contraction of 8.6 percent.
- News18.com
- Last Updated: November 12, 2020, 12:14 IST
- FOLLOW US ON:
For the first time in history, India’s economy has entered a “technical recession” in the first half of 2020-21, a team of economists, including Michael Patra, Reserve Bank of India’s deputy governor in charge of monetary policy, stated.
According to the economists, the economy shrank for the second straight quarter. The government had in August reported a 23.9 percent contraction in its Gross Domestic Product (GDP) for the April-June quarter. The central bank has ‘nowcast’ that Gross Domestic Product (GDP) for the July-September quarter is set for a contraction of 8.6 percent.
‘Nowcasting’ is the prediction of the present or the very near future of the state of the economy.
“India has entered a technical recession in the first half of 2020-21 for the first time in its history,” the economists wrote. The government is due to publish official statistics on November 27.
Moody’s have also revised India’s 2020 GDP target. According to them, a decline of 8.9% is expected now as against the previous forecast of 9.6%.
The median forecast in a Bloomberg survey of economists sees a contraction of 10.4% in the July-September quarter.
Stay connected with us on social media platform for instant update click here to join our ????️????️ Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Business headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Also, if you like our efforts, consider sharing this story with your friends, this will encourage us to bring more exciting updates for you.
