Synopsis
While the size of the GDP collapse is large, India is hardly alone in this. Deep economic contractions have been widespread across the world. Indeed, given the long lockdown that India imposed on itself, the fact that the economy shrank sharply should hardly be surprising.
By Amartya LahiriIndia’s GDP contracted by 23.9% in Q1 of FY 2020-21. This number may well be an underestimate due to problems in data collection during this period, particularly for the informal sector that was disproportionately affected by the pandemic-induced lockdown of the economy. How troubling is this data?While the size of the GDP collapse is large, India is hardly alone in this. Deep economic contractions have been widespread across
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