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Home Uncategorized Worst of crisis over for India's Covid-ravaged economy – business industry

Worst of crisis over for India’s Covid-ravaged economy – business industry

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FILE PHOTO: A street in Kolkata, India © Reuters / Rupak De Chowdhuri
Coronavirus shutdown wipes out nearly a quarter of India’s economy, suffering worst contraction ever

“The economy seems to be improving. Leading indicators from corporates, the RBI [Reserve Bank of India] and the government seem to be pointing to that and as more data comes in the picture will become clearer,” State Bank of India chairman Rajnish Kumar said. Analysts also bet on the festive season, when major Indian celebrations and ceremonies take place, saying it can boost shopping and bring stronger loan growth.

Earlier this year, one of the strictest lockdowns in the world sent most of the key sectors of India’s economy into freefall. The nation’s gross domestic product (GDP) plunged by a record 23.9 percent from April to June.

For more stories on economy & finance visit RT’s business section

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