MUMBAI, May 31 — India’s economy contracted 7.3 per cent in 2020-21, official data showed today, its worst recession since independence as coronavirus lockdowns put millions out of work.
India’s vicious second wave, which has killed 160,000 people in eight weeks, prompted further lockdowns and saw 7.3 million people lose their jobs in April alone, according to the Centre for Monitoring the Indian Economy. In a recent report, British financial services firm Barclays pegged the economic cost of India’s second wave at US$74 billion, or 2.4 per cent of GDP.
“While the situation this year is not as bad as the national lockdown last year, the economy is coming under a lot of stress due to localised restrictions, which we expect to continue into the rest of the year.”
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