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India in historic recession
November 18 , 2020
1472 days
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- The Reserve Bank of India published ‘nowcast,’ first of its kind.
- It is an estimate based on high-frequency data.
- India has entered a technical recession in the first half of 2020-21 for the first time in its history
- According to RBI, India’s economy declined for a second straight quarter (July to September).
- Gross domestic product contracted 8.6 per cent in the quarter ended September.
- The economy had slumped about 24 per cent in April to June.
- The term Recession refers to a significant decline in general economic activity.
- It is recognized as two consecutive quarters of economic decline, as reflected by GDP.
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