While India’s GDP has contracted by a record of 23.9 percent, the country has been setting new records every day in rising COVID-19 cases. According to the Times of India, the three-day average of fresh cases reported by India on September 3rd was 77,387 which was 92.3 percent of the peak of 83,883 cases which was also reported on September 3 itself.
According to the European Centre for Disease Prevention and Control (ECDC) which compiles daily COVID data from 210 countries, our ratio was the highest.
On the economic front, this is the worst the GDP has been since 1996 and also the worst among all Asian economies.
This new data marks the likely onset of the deepest recession to ever hit India and is expected to run through the second half of this fiscal year.
Naturally, the nationwide lockdown has played a huge role in this contraction in India’s GDP. The lockdowns, imposed due to the COVID-19 pandemic have led to thousands of job losses and devastated and already staggering economy.