India’s April-June quarter GDP contracted by a massive 23.9 percent year-on-year (YoY) as the Coronavirus-induced nationwide lockdown affected the manufacturing, construction, and service sectors.
The Gross Value Added (GVA) stood at -22.8 percent as against the estimates of -19.2 percent.
Indian economy contracts by 23.9 pc in April-June 2020: Govt data— Press Trust of India (@PTI_News) August 31, 2020
As per data released by the country’s Ministry of Statistics and Programme Implementation, gross fixed capital formation contracted by 48 per cent in the quarter. Exports and imports also contracted during the period.
However, agriculture reported a growth of 3.4 percent in the June quarter.