Top biz headlines: GDP shrinks 23.9%, Adani-GVK deal, JioFiber, and more

Here are the top business headlines on Tuesday

First economic contraction in 4 decades: India GDP shrinks 23.9% in Q1FY21

India’s economy contracted by 23.9 per cent in the April-June period, its worst performance since the quarterly measurement began in 1996, and probably the first contraction since 1980. The lockdown and suspension in economic activity due to Covid-19 was so massive that among a mix of advanced and emerging economies, India’s GDP contraction was the worst. Read More.

At Rs 8.21 trn, April-July fiscal deficit exceeds FY21 budget estimates

The stress on revenue resources due to Covid-19 continued showing on the Centre’s books.