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India’s Govt Says Economy Shrinks Record 23.9% Y/Y in April-June Quarter

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NEW DELHI– Indian economy contracted at its steepest pace on record of 23.9% year-on-year in the June quarter, official data showed on Friday, as the pandemic lockdown shattered consumer and business spending.

The read-out for the June quarter was worse than the 18.3% contraction forecast of analysts in a Reuters poll, and lower than a 3.1% growth rate for the previous quarter.

SOURCE: REUTERS