GDP contracted 8.6% in the quarter ended September, the RBI Showed in its first ever published ‘nowcast,’ which is an estimate based on high-frequency data. The economy had slumped about 24% in April to June. India’s economy probably shrank for a second straight quarter, according to a team of economists including Michael Patra, the central bank’s deputy governor in charge of monetary policy, pushing the country into an unprecedented recession. Gross domestic product contracted 8.6% in the quarter ended September, the Reserve Bank of India showed in its first ever…
Read MoreIndia in historic technical recession, signals RBI in its first-ever nowcast
