India’s GDP shrinks by 23.9% in June quarter

India’s gross domestic product or GDP contracted 23.9 per cent in the April-June period, official data showed today, as the coronavirus pandemic-induced disruptions hurt businesses and livelihoods despite monetary and fiscal support of Rs 21 lakh crore. That marked the worst incidence of negative growth for the economy since 1996, when India began publishing quarterly figures, and also the worst among major Asian economies. Today’s reading – which fully captures the impact of the coronavirus crisis on economic and business activity – is in stark contrast with expansion of 3.1 per cent in the previous quarter, and 5.2 per cent in the quarter ended June 30, 2019