NEW DELHI: India's economy contracted 7.3 percent in 2020 to 2021, official data showed, its worst recession since independence in 1947 as coronavirus lockdowns put millions out of work. Asia's third-largest economy grew by 1.6 percent between January and March - the fourth fiscal quarter - after exiting its first "technical recession" since 1947 following two successive quarters of contraction. Prime Minister Narendra Modi's government has so far refrained from announcing any fresh major stimulus measures in response. India's economy was in the throes of a prolonged slowdown even before Covid-19 struck but the pandemic untraveled years of gains. The May spike was mainly driven by a 10-percent hike in energy prices year-on-year, Destatis said, up from nearly 8 percent in April, when inflation grew 2 percent year-on-year.

Source: Manila Times June 01, 2021 16:52 UTC