SBI Report Indicates GDP Contraction by 16.5% in April-June Quarter

State Bank of India's research report Ecowrap on August 17 indicated that the country's economic growth is likely to contract by 16.5% in June quarter. The report stated around 1,000 listed companies have announced their results so far, which showed that revenues and profits have plunged more than 25% and 55% respectively. The report also opined that, albeit rural economy shows recovery, it may not support GDP as a whole.