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India ‘out of recession’
Why is it in news?
- As per the data from the National Statistical Office (NSO), India’s economy resurfaced to growth territory in the third quarter of fiscal year (FY) 2020-21.
Details:
- Indian Economy witnessed a 0.4% rise in the gross domestic product (GDP) in the third quarter.
- GDP had shrunk in the first two quarters by 24.4% and 7.3% as per revised data, amid the COVID-19 pandemic and lockdowns.
- With the contraction for consecutively two quarters, India had entered in a technical recession.
Source: The Hindu