The Business sector and the economy of the entire nation has been heavily affected due to the unfortunate spreading of the Coronavirus. India’s gross domestic product (GDP) contracted by 23.9 per cent by April-June period, according to the economic experts.
The pandemic Coronavirus lockdown situations in the month of March and June has apparently hurt the business of entire country. This marks the worst incidence of negative growth for the economy since the year 1996, when India began publishing quarterly figures for the GDP. This is also the worst among major Asian economies.
In last four decades this is the first instance of witnessing such an extreme economic contraction for the country. The
Bloomberg had quoted HSBC Holdings Plc Chief India Economist Pranjul Bhandari as saying, “The statistics office could announce GDP contraction of 17.5% year-on-year, which could subsequently be revised to a 25 per cent contraction when the informal sector survey is available.”
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