India’s economy contracts by 24%, worst in at least 24 years
Associated PressNEW DELHI — India’s economy contracted by 23.9% in the April-June quarter, its worst performance in at least 24 years, the government announced Monday, as the coronavirus pandemic ravaged what was once the world’s fastest growing major economy. The contraction followed tepid 3.1% growth in the previous quarter, which was the worst performance in at least eight years, the National Statistical Office said. Many economists believe Prime Minister Narendra Modi’s demonetization of currency in 2016 and a hasty rollout of a goods and services tax inflicted blows to manufacturing. Many economists say the distress caused by the contraction could be much worse within the informal sector, the backbone of India’s economy, which was hit far harder than the organized sector during a nationwide coronavirus lockdown during much of the April-June quarter.