In this picture taken November 26, 2020 a commuter walks past a shop displaying different varieties of dried fruits with their price tags at a subway in Mumbai. — AFP pic
The two successive quarters of contraction mean that the country has now entered a “technical recession” for the first time since 1947. Farming continued to be a relatively bright spot, while manufacturing activity also increased during the July-September period after plunging nearly 40 per cent during the previous quarter due to the lockdown.
A report by Oxford Economics released earlier this month said that India would be the worst-affected economy even after the pandemic eases, stating that annual output would be 12 per cent below pre-virus levels through 2025. The government has since been easing restrictions to revive activity, announcing two stimulus packages to offer farmers easier access to credit and dole out benefits to small-scale businesses.
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