Indian Economy Slumps by 23% in April-June Quarter of 2021

The Indian economy has contracted by a record 23.9% in April-June quarter of the current fiscal year. This marks the poorest decline of Indian gross domestic products (GDP) in the last 40 year. The figures are attributed to the coronovirus-induced lockdown that had shut businesses and markets since March, crippling the already-slowing economy. Both the manufacturing and service sector have nosedived. However, agriculture was the only sector to register growth.