India headed for rare quarterly contraction on coronavirus lockdown

With two of the three-week shutdown falling in April, gross domestic product growth in the quarter to June could contract about 5%, Prakash Sakpal, an economist at ING in Singapore, wrote in a note. The economy, which expanded 4.7% in the quarter ended December, hasn’t seen a contraction in at least two decades. India’s economy had contracted 5.2% on an annual basis in 1980.

from Economy-News-Economic Times https://ift.tt/2Uf1klU