Covid-19-induced lockdowns were expected to take a toll on India’s economy, like anywhere else. But the first-quarter GDP numbers paint a much grimmer picture than expected.
After the government’s data showed that India’s economy contracted by a record 23.9% in the June quarter, former central bank governor Raghuram Rajan set the alarm bells ringing. Comparing India to two other major virus-hit countries like Italy and the US, Rajan warned that India’s “numbers will probably be worse when we get estimates of the damage in the informal sector.”
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