Indian financial system contracts 23.9 computer in April-June quarter

New Delhi, August 31

The Indian financial system contracted by 23.9 per cent within the April-June quarter of this fiscal amid the COVID-19 disaster, official knowledge confirmed on Monday.

The gross home product (GDP) had expanded by 5.2 per cent within the corresponding April-June interval of 2019-20, in line with knowledge launched by the National Statistical Office (NSO).

The authorities had imposed a nationwide lockdown on March 25 to curb the unfold of coronavirus infections. The Centre started easing the lockdown for sure financial actions from April 20 onwards.

Most ranking companies had projected contraction in India’s GDP for the primary quarter of 2020-21.

China’s financial system grew by 3.2 per cent in April-June after recording a decline of 6.eight per cent in January-March 2020. — PTI

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