16.5%: Estimated contraction in India’s gross domestic product (GDP) during the April-June quarter of 2020-21 (at current prices), according to an SBI Research report.

Business Standard
20th August

16.5%: Estimated contraction in India’s gross domestic product (GDP) during the April-June quarter of 2020-21 (at current prices), according to an SBI Research report.

  • The estimate has been revised from a contraction of 30 per cent forecast earlier amid the economic stress caused by the coronavirus pandemic. The improved outlook is mainly on account of smaller than expected gross value added (GVA) de-growth reported by companies.
  • The segments that are expected to report the biggest contraction are mining & quarrying (57.2%), and manufacturing (35.8%).
  • According to a PwC survey, even as 79% Indians have been impacted by the coronavirus pandemic, 52% are hopeful of an economic recovery within the next 12 months.
  • The greatest positive impact of the present crisis is expected to be on opportunities related to digital and remote working, with 36% of respondents to the PwC survey viewing that as the biggest gain. 32% respondents feel the crisis will end up bringing a greater focus on citizens.

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