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The central bank had earlier projected a GDP growth projection of 10.5 per cent
Economic growth was attributed to consumer spending and ease of COVID-19-related restrictions.
MSMEs Sector Plays Pivotal Role In Country's Growth; Govt Committed To Help: Union Minister Pratap Chandra Sarangi
India is a home to more than 60 million MSMEs in various industries and close to 124 million people are associated with it
The 10.3% GDP contraction for India is for the current fiscal year, ending on March 2021, as opposed to projections for all other economies based on the calendar year 2020. IMF's outlook for India for the current calendar year 2020 is pegged at 8.6% decline
In comparison to the G7 nations-France, Italy, Japan, Germany, the US, Canada and the UK- India has reported steepest fall in economic growth in the April-June quarter of this fiscal year
Though largely along the lines of market expectations, this contraction is the biggest ever on record and the first contraction since the government started releasing quarterly GDP numbers in FY 1997-98
In the low-severity model - or best-case scenario of the seven - ANU researchers estimate a global GDP loss of $2.4 trillion, with an estimated death toll of 15 million.
It is no news that the Indian economy is in a sluggish phase since the past few months. Although the government has been pulling out all stops to revive the economy, numbers are indicating otherwise.
India's GDP growth in the April-June quarter of FY20 slipped to 5% as compared to 8% in the same period last year.
MSMEs hold the key to unlock the employment potential of India