India's economy contracts by 7.3% in FY2021

Economy Society

India's pandemic-hit economy contracted by 7.3 percent in the fiscal year that ended in March, according to data released by the National Statistical Office on Monday. The plunge, which local media described as India's worst performance in over four decades, reflects the impact of the nationwide lockdown imposed by the government from late March to the beginning of June last year to stem the spread of coronavirus infections. The data also showed that gross domestic product in the January-March quarter grew by 1.6 percent, compared with the previous year's figure. India's economy is reeling fro...

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