COVID-19 Blues! Indian economy plunges by record 23.9% in April-June quarter

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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.

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.