India’s GDP is expected to contract by 8.2% in second quarter which means that India has entered Recession for the first time in history. This was confirmed by an RBI official.
While using the ‘nowcasting’ method to arrive at the estimates of the GDP before the official release of data and their views in an article in RBI’s monthly bulletin released on Wednesday.
The lockdown imposed by the global pandemic has led to a contraction of nation’s GDP by 23.9 percent for the April-June quarter as compared to the same period an year ago.
RBI has also estimated the economy to contract by 9.5 percent for the full fiscal year.