India Economy the construction sector, which is contract 50.3% in the first quarter at the peak of the lockdown against COVID-19, saw some improvement with contraction narrowing to 8.6% in the second quarter.
Country enters technical recession-
India’s Gross Domestic Product (GDP) contract 7.5% in the second quarter of 2020-21, following the record 23.9% decline recorded in the first quarter, as per estimates release by the National Statistical Office on Friday.
India Economy the country has now enter a technical recession with two successive quarters of negative growth.
However, the economy’s performance between July and September when lockdown restrictions were ease is better than most rating agencies and analysts anticipate.
Still in the Red-
The recovery is clearly very encouraging but this is still a period of uncertainty, and is reflect in the fact the actuals are more encouraging than the estimates of several commentators.
While the 7.5% contraction in GDP came as a positive surprise, there are concerns about a decline in government spending and the worsening fate of two key sectors compared to the first quarter.
The National Statistical Office also stress its estimates are hamper to some extent by the restrictions impose in the quarter.
Impact on the economic activities-
Though the restrictions are gradually lift, there is an impact on the economic activities. In these circumstances, some other data sources such as GST, interactions with professional bodies, etc.
Regional GDP Growth-
The organization has predict a regional GDP growth of 5.7% over 2020-24, down from 6.7% in 2013-17.
Demand and supply of digital talent-
As per the report, China need to bridge the gap between demand and supply of digital talent, while improving digital.
Broadening economic weakness-
Trade tensions between the United States and China are continuing, and the broadening economic weakness in advanced economies adds.
WRITTEN BY- SHIVANSHU
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