Politics

August 31, 2020

India's economy shrinks by nearly 24 percent

Photo by rupixen.com on Unsplash

The Gist

India's economic output contracted by nearly 24 percent in the most recent quarter after PM Narendra Modi imposed the COVID-19 lockdown.

The List

  • This is the worst economic contraction in India since records began - the largest drop among all top economies during the COVID-19 pandemic. 
  • In India 9 out of 10 workers have no job protections or unemployment insurance, which makes such a plunge in GDP particularly devastating.
  • Economists say official numbers underestimate the contraction within the "informal" economy - full damage may be even greater.
  • Naushad Forbes, the chairman of Forbes Marshall, said India's GDP data represents "the words performance in our history". 
  • At the moment, India is adding the largest number of new COVID-19 cases per day of any country in the world.

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