India's gross domestic product or GDP contracted 23.9 per cent in the April-June period, worse than economists' estimates, official data showed on August 31. This comes as COVID-19 pandemic brought key industries to a halt & rendered millions jobless. This marked the worst incidence of negative growth for the economy since 1996, when India began publishing quarterly figures, also the worst among major Asian economies. The reading, which fully captures the impact of the coronavirus crisis on economic & business activity, is in stark contrast with expansion of 3.1 per cent in the previous quarter & 5.2 per cent in the quarter ended June 30, 2019. In financial services, the biggest component of the country's services sector, GDP shrank 5.3 per cent compared to the corresponding period a year ago. In manufacturing & construction, it fell 39.3 per cent & 50.3 per cent respectively. Agriculture saw an expansion of 3.4 per cent. COVID-19 is spreading faster in India than anywhere else in the world. Daily tallies have exceeded those of the US & Brazil for almost two weeks. India currently has more than 36,21,246 cases with 64,469 deaths being reported.
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