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INDIA-ECONOMY-GDP
India exits recession with 0.4 percent quarterly growth
NEW DELHI, Feb 26, 2021 (BSS/AFP) – India’s economy grew 0.4 percent year-on-year in the final quarter of 2020, ending its first recession since independence in 1947, official data showed Friday as easing coronavirus restrictions sparked a modest recovery.
New Delhi has struggled to claw back lost ground after a stringent, months-long lockdown caused the labour market to collapse and the economy to contract by nearly a quarter between April and June.
The country entered a “technical recession” last year for the first time since gaining independence after registering two successive quarters of contraction. The government now estimates annual GDP will fall eight percent in 2020-21.
BSS/AFP/MMA/1910HRS