India’s economy contracted by an annualised 23.9 per cent in the quarter ending in June, when Prime Minister Narendra Modi imposed a draconian coronavirus lockdown.
The gross domestic product contraction was far deeper than most analysts’ forecasts and highlighted the severity of India’s initial strategy to contain the Covid-19 pandemic, which involved forcing businesses to shut down overnight and led to an estimated 140m job losses.
The Indian government’s fiscal response to the crisis was also criticised as failing to hand out enough money to those whose incomes collapsed because of the government restrictions.
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