India's Economy Contracted 7.5% Last Quarter
By Eric Bellman
NEW DELHI -- The coronavirus pandemic has strangled one of the
most powerful engines of economic growth in the world: India's 1.3
The country's gross domestic product shrank 7.5% last quarter
compared with a year earlier, India said Friday, as Covid-19 has
transformed the world's fastest-growing economy into one of the
world's fastest contracting.
With more than 9.3 million people infected and 135,000 killed by
the virus, India has been one of the world's hardest hit by the
pandemic. Even after the South Asian nation started ending the
world's largest lockdown in stages from May, people have been
staying home, conserving their rupees and riding out the storm.
India's economy has been hammered by the pandemic, with the
latest GDP data marking the first time in decades that the
country's growth has contracted for two consecutive quarters.
Vibhuti Agarwal contributed to this article.
Write to Eric Bellman at email@example.com
(END) Dow Jones Newswires
November 27, 2020 07:43 ET (12:43 GMT)
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