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LATEST NEWS UPDATES | Recession: July-Sept GDP to contract 8.6%, estimates RBI

Recession: July-Sept GDP to contract 8.6%, estimates RBI

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published Published on Nov 12, 2020   modified Modified on Nov 12, 2020

-The Indian Express

The RBI, however, said the economy will break out of contraction of the six months gone by and return to positive growth in the October-December quarter of 2020-21.

Mumbai: The Indian economy likely entered into a technical recession for the first time in history at the end of the first half of 2020-21, according to the Reserve Bank of India.

After an unprecedented decline of 23.9 per cent in GDP in April-June as estimated by the National Statistical Office on August 31, the central bank has ‘nowcast’ that Gross Domestic Product (GDP) for July-September quarter is set for a contraction of 8.6 per cent.

The NSO estimates for the second quarter expected at the end of November 2020 will formally bear out the extent of improvement that occurred in the quarter gone by, the RBI said in a ‘State of the Economy’ report.

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The Indian Express, 12 November, 2020, https://indianexpress.com/article/business/economy/indian-economy-recession-july-sept-gdp-to-contract-8-6-estimates-rbi-7048446/


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