India News

India’s economy shrinks 7.5% in July-Sept quarter

FILE PHOTO: People buy onions at a market, during a nationwide lockdown in India to slow the spread of COVID-19, in Dharavi, one of Asia’s largest slums, during the coronavirus disease outbreak, in Mumbai, India, April 7, 2020. REUTERS/Francis Mascarenhas/File Photo

NEW DELHI – Indian economy contracted 7.5% in the quarter to September, government data showed on Friday, showing some signs of a pick-up after the easing of pandemic restrictions that triggered a record contraction of 23.9% year-on-year in the previous quarter.

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The read-out for the September quarter was better than the 8.8% contraction forecast of analysts in a Reuters poll.

Reporting by Manoj Kumar, Nidhi Verma; editing by John Stonestreet

Our Standards: The Thomson Reuters Trust Principles.

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