The Indian economy posted its worst quarterly contraction between April and June, slumping by almost a quarter as a strict nationwide lockdown to curtail the spread of the coronavirus brought the country to a virtual halt. Gross domestic product (GDP) shrank 23.9% in the second quarter from a year earlier, the biggest quarterly contraction on record. The decline was the worst among major economies, even surpassing a fall of 20% posted by the United Kingdom. The economic pain was felt across industries and services, with agriculture being the only sector to grow, albeit at a slower pace. Private consumption — the main driver of the economy — fell nearly 27% on the year, while investment collapsed by 47%. Economists say the figures do not capture the full extent of the havoc wreaked by the lockdown, especially on smaller companies and on India’s “informal” sector, which accounts for 50% of the total output and employs more than 80% of the workforce. It’s the part of the economy that includes jobs such as vegetable and fruit vendors, rickshaw pullers, and daily laborers — jobs that are not covered by legal contracts. The informal sector was massively hit by the lockdown and saw hundreds of… Read full this story
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