Official data released on Friday by the Ministry of Statistics and Programme implementation, clearly showed that India has officially entered a technical recession as the country’s GDP falls for a second straight quarter. With the recorded contraction of 23% in the GDP in the previous quarter, India’s GDP contracted by 7.5% in the July-September quarter. GDP at current prices was estimated at Rs 47.22 lakh crore showing a contraction of 4.0 percent.

This is India’s first recessions since the government started reporting quarterly GDP data in 1996. GDP pf the second quarter was expected to look better by economists because of the festive season and pent-up demand.

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