India Exits Recession With 0.4 Percent Quarterly Growth

Umer Jamshaid Published February 26, 2021 | 06:30 PM

New Delhi, (UrduPoint / Pakistan Point News - 26th Feb, 2021 ) :India's economy grew 0.4 percent year-on-year in the final quarter of 2020, ending its first recession since independence in 1947, official data showed Friday as easing coronavirus restrictions sparked a modest recovery.

New Delhi has struggled to claw back lost ground after a stringent, months-long lockdown caused the labour market to collapse and the economy to contract by nearly a quarter between April and June.

The country entered a "technical recession" last year for the first time since gaining independence after registering two successive quarters of contraction. The government now estimates annual GDP will fall eight percent in 2020-21.