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GDP contracts 7.5% in second quarter
Why is it in news?
- As per the estimates released by the National Statistical Office, India’s GDP contracted 7.5% in the second quarter of 2020-21.
- The GDP has 23.9% decline recorded in the first quarter.
Details:
- The country has now entered a technical recession with two successive quarters of negative growth.
- Agriculture was the only sector to record growth between April and June this year.
- Agriculture grew at the same pace of 3.4% in the second quarter.
- Manufacturing gross value-added (GVA) staged a sharp recovery to record 0.6% growth between July and September.
- The recovery depends critically on the spread of the pandemic.