The New Delhi-Coronavirus pandemic has strangled 1.3 billion consumers in India, one of the strongest drivers of economic growth in the world.
India said on Friday that gross domestic product fell 7.5% year-on-year as Covid-19 transformed the world’s fastest-growing economy into the one that is currently shrinking most rapidly.
With more than 9.3 million people infected and 135,000 infected with the virus, India has been hit hard by the pandemic. Even after the country began phasing out the blockade in May, people stayed home, saved rupees and survived the storm.
The latest GDP data show for the first time in decades that the country’s growth has shrunk for the second straight quarter.
Covid-19 is preventing people from spending, said 33-year-old Krishna Kumar, who has been selling sweet chai tea from Kurt for half a lifetime in the Himalayan city of Dehradun, Uttarakhand. He said it wasn’t so bad.
India’s GDP shows that Covid-19 is hanged on one of the world’s largest economies
Source link India’s GDP shows that Covid-19 is hanged on one of the world’s largest economies