Deep contraction in GDP on expected line, recovery to be gradual: Industry

The industry on Monday said the steep 23.9 per cent contraction in the GDP in April-June was on expected lines reflecting the "stalling of economic activities" due to the lockdown imposed in response to coronavirus pandemic.
 

The industry, however, said it anticipates the economy to stage a gradual recovery in the coming quarters on account of reforms, the Rs 20 trillion stimulus package and measures taken by the Reserve Bank.
 

India's GDP shrank steeply by 23.9 per cent in the April-June period as the coronavirus lockdowns battered an already slowing economy.
 

Agriculture was the only outlier as all other sectors,