Quarter 1 GDP plunges by record 23.9%

India's economy contracted sharply in the April-June quarter with GDP data released on Monday showing a collapse of 23.9%.

The Indian economy has been weighed down by the coronavirus pandemic and the strictest of lockdowns that led to halt in business activities and a sharp fall in consumer demand.

The National Statistical Office said GDP contraction in the April-June period of FY21 was the largest slump on record since India started reporting quarterly data in 1996.

The fall in output compares to 3.1% growth in the previous quarter, which was the worst performance in at least eight years.

India's GDP contraction is also the worst among G20 nations. Before this, the UK had reported the biggest slump in GDP among the world’s top 20 economies with a 21.7% plunge in the June quarter.