gdp
The IMF report on Bangladesh overtaking India in per capita GDP made headlines, but the neighbouring country has been ahead in key social indicators for years now.
The numbers will likely get worse once there are estimates of the damage in the informal sector, Rajan said.
Economists had predicted a huge shrink even as the GDP growth had slowed down to 3.1% in January-March quarter.
Over 80% of economists, or 30 of 36, said it was likely to take more than a year for India's GDP to reach pre-COVID-19 levels.
The central bank said both the central and state governments have much “less fiscal space” to deal with COVID-19 than what was available during the global financial crisis.
Output of eight infrastructure sectors contracted by 38.1% in April.
Economists expect the fiscal year that began in April will see the worst economic contraction in four decades.
Surveys show people don't want to return to a normal that wasn’t working for them in the first place.
While the Nobel-winning economist thinks a quick recovery is possible barring 'policy mistakes', he also said this could be bigger than the 1991 crisis and result in a 10-15% drop in India's GDP.
The former economic adviser to PM Modi says India's services sector stands to be badly hit over the next year if the pandemic precipitates a global recession.