India’s economy shrinks record 23.9% year on year in June quarter

A worker in a textile factory in Meerut, India. Data showed that India’s manufacturing sector has already entered recession. – REUTERSPIXIndia's economy contracted at its steepest pace on record of 23.9% in the June quarter as the pandemic lockdown cut consumer and business spending, putting pressure on the government and central bank for additional stimulus and a rate cut.

The read-out for the June quarter was worse than the 18.3% contraction forecast of analysts in a Reuters poll. It was also lower than a 3.1% growth rate for the previous quarter and upwardly-revised 5.2% growth in June quarter of 2019. Prime Minister Narendra Modi announced a US$266 billion stimulus package in May, including credit guarantees on bank loans and free food grains to poor people, but consumer demand and manufacturing have yet to recover.

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