Economics
India in Historic Technical Recession, RBI ‘Nowcast’ Shows
- Economy shrank 8.6% July-Sept after 24% slump previous quarter
- Sees risk from inflation, virus, intensifying financial stress
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India’s economy probably shrank for a second straight quarter, according to a team of economists including Michael Patra, the central bank’s deputy governor in charge of monetary policy, pushing the country into an unprecedented recession.
Gross domestic product contracted 8.6% in the quarter ended September, the Reserve Bank of India showed in its first ever published ‘nowcast,’ which is an estimate based on high-frequency data. The economy had slumped about 24% in April to June.