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India Enters Into Recession As GDP Contracts 7.5% In July-Sept Quarter

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India Enters Into Recession As GDP Contracts 7.5% In July-Sept Quarter

The Indian economy entered a technical recession after GDP growth contracted by 7.5% during the July-September quarter, the second quarter in a row.

The real GDP had witnessed a record slump of 23.9% in previous quarter (April-June 2020), the steepest fall ever (and the first contraction in 40 years). The July-September 2019 quarter had witnessed a GDP growth of 4.4%.

India was in a recession last in 1979 when the real GDP fell 5.2%.