India into Historic Recessions, says RBI

November 12, 2020 14:16
India into Historic Recessions, says RBI

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India into Historic Recessions, says RBI:- With the arrival of coronavirus, the Indian economy shrank badly this year for the second straight quarter. A team of economists including Micheal Patra said that India is currently under an unprecedented recession. The gross domestic product was 8.6 percent in the third quarter of the year that ended up in September as per the reports from the Reserve Bank of India. The economy slumped down by about 24 percent from April to June this year. The authors told that India entered into a technical recession for the first time in the first half of 2022-21 in its history. The government is expected to publish the official statistics on November 27th.

The sales dipped badly in each and every field and there was no boost to the economy. RBI Governor Shaktikanta Das predicted that the Indian economy will return back to a growing not in October to December quarter. There would be a dent to the global growth in the country if India is attacked by the second wave of coronavirus warned experts and analysts. Indians lost millions of jobs and the preliminary estimates in the bulletin released by the Central Bank showed a jump in the household financial savings to 21.4 percent of GDP in April-June. The household financial savings trend can be higher till the pandemic recedes in the country.

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