China News Agency, Kathmandu, November 28th New Delhi News: According to data released by the Indian Central Bureau of Statistics on the 27th, India's GDP growth rate for the second quarter of the 2020-2021 fiscal year is -7.5%.
This is the second consecutive quarter of negative economic growth in India.
The second quarter of India's 2020-2021 fiscal year (April 2020 to March 2021) is July, August and September of 2020.
Data show that during this period, India's manufacturing, agriculture, and power industries increased by 0.6%, 3.4%, and 4.4% respectively year-on-year; services, mining, construction, and trade continued to decline.
On September 28, local time, Noida, India, Yathartha Hospital in Uttar Pradesh, India, used robots to help patients communicate with the outside world.
According to public reports, India’s GDP growth rate in the first quarter of this fiscal year was -23.9%, which was the worst economic decline since India began to release quarterly economic growth data in 1996.
"India Today" reported that the decline for two consecutive quarters means that the Indian economy has fallen into a technical recession.
New Delhi TV reported that the new crown pneumonia epidemic was the main cause of this technological decline.
However, we should also note that some institutions have previously predicted that GDP will fall by 8.8% in the second quarter, and the actual data released by the Central Bureau of Statistics is better than this expectation.
Many Indian economists also said that as the new coronavirus vaccine research and development continue to make new progress, market consumer demand will increase, thereby driving economic recovery.
They expect the economic growth rate in the third quarter of this fiscal year (October, November, and December 2020) to be -3%, and by the fourth quarter of this fiscal year (January, February, and March 2021) ), the economic growth rate can reach 0.5%.
As the new crown virus vaccine is extremely important to economic recovery, Indian Prime Minister Modi is on the 28th to inspect the research and development of several new crown virus vaccines.