India has entered recession for the first time, GDP to contract 8.6% in Q2: RBI Official
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The GDP is likely to contract by 8.6% for the July-September period, which means India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the COVID-19 pandemic, as per an RBI official. The pandemic-induced lockdowns had led to a steep contraction of 23.9% in the GDP for the April-June quarter as compared to the same period a year ago.