India's GDP Q2 2020: Economic contraction narrows to 7.5% from 23.9% in Q1

Even if India continues to be in a technical recession, a drop in the rate of GDP contraction signals a revival for the economy after a major plunge in the wake of the coronavirus pandemic

In line with analyst estimates for its performance in the July-September quarter (Q2) of 2020-21, the Indian economy contracted 7.5 per cent from the same quarter last year, official data released by the National Statistics Office showed on Friday. This was a significant improvement over an unprecedented 23.9 per cent year-on-year contraction witnessed in the April-June quarter of this year. In the September quarter of 2019-20, the country had reported a year-on-year gross domestic product (GDP) growth of 4.5 per cent.

The country's gross value added (GVA) contracted by seven per cent during the quarter. Another set of data released