The COVID-19 pandemic has not only collapsed India’s economy, but the entire world’s economy has suffered drastic losses. However, talking about India specifically, according to the records of the second quarter of 2020, which happens to be India’s fiscal year as well, the GDP contracted by 7.5%. The pandemic made the country enter recession for the first time after its independence. In the first quarter (ending in June), the country’s GDP shrank by 23.9%.
Since India has been a major contributor to the world’s economy, the decline in its GDP and recession period has impacted the entire world’s economy adversely. Another major economy of the world is the USA economy, which collapsed by 9.5% and 2.9% in the first and second quarter of 2020, respectively.
Just like other countries of the world, the Indian government implemented a lockdown in late March and strictly ordered the citizens to stay in their homes. However, the lockdown restrictions were lifted by the end of the first quarter that slightly improved the results, which are still unfortunately dismal as compared to previous years.
Infographic by: Statista.com
