India has entered into the first recession in its history, as Covid-19 continues to ravage economies across the developing world. The gross domestic product of the world’s second-most populous nation contracted by a record 23.8 per cent in the three months until the end of June, and a further 8.6 per cent in the quarter until September, according to the Reserve Bank of India. Small and medium enterprises were forced to close their doors and without financial savings or ongoing earnings – an estimated 400 million Indians were pushed further into poverty during the lockdown – consumer spending crashed.
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telegraph.co.uk, 12.11.2020, Joe Wallen in New Delhi