India’s economy expanded by a weaker-than-expected 0.4% in the October-December quarter, which still allowed it to escape recession following large contractions in the two previous quarters during the pandemic
Author:
Published: 2021-02-26 09:26 am

India’s economy expanded by a weaker-than-expected 0.4% in the October-December quarter, which still allowed it to escape recession following large contractions in the two previous quarters during the pandemic

The National Statistical Office projected an 8% contraction for the 2020-21 financial year, which ends in March. In January, it had projected a contraction of 7.7% for the fiscal year, following 4% growth in 2019-20.

It said fertilizer production rose by 2.7% in January, steel by 2.6% and electricity generation by 5.1%. Coal production declined by 1.8%, crude oil by 4.8% and natural gas by 2%, it said in a statement.

India’s economy contracted by 7.5% in the July-September quarter following a record plunge of 23.9% in the previous three months. The government had imposed a strict two-month lockdown across the country in March after the outbreak of the pandemic.

A country enters a technical recession if its economy contracts in two successive quarters. India's recovery is expected to improve with a rise in consumer demand and investment.

India’s central bank, the Reserve Bank of India, is projecting gross domestic product growth of 10.5% in financial year 2021-22. The International Monetary Fund has projected 11.5% growth in calendar 2021.

The IMF estimated that the Indian economy contracted 8% in 2020.

Read Full Story

NYC woman gets ill swan to clinic via foot, car and subway

abcnews.go.com - 5 months ago
Ariel Cordova-Rojas went to New York’s Jamaica Bay Wildlife Refuge last week to celebrate her 30th birthday
Read More

GOP senator won't run for reelection

abcnews.go.com - 3 months ago
Republican Sen. Rob Portman of Ohio announced Monday that he will not seek reelection and instead will retire at the end of his term.
Read More

Bystander's baby critically hurt in Houston police shooting

abcnews.go.com - 1 month ago
Authorities say a shooting by a police officer in Houston critically wounded a baby and killed a man who was driving a car linked to several robberies
Read More

Lawyer for Ivanka Trump, Jared Kushner threatens suit over 'defamatory' billboards

abcnews.go.com - 6 months ago
A lawyer for Ivanka Trump and Jared Kushner threatened legal action against the Lincoln Project over New York City billboards.
Read More