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India In 'Historic' Recession For First Time
At -7.5 per cent, the gross domestic product (GDP) rebounds, but India is now in technical recession with two successive quarters of shrinking output, due to the lingering effects of lockdowns to contain the COVID-19 pandemic. Economists are optimistic the slump in the second quarter of current financial year will not be as harsh as the record 23.9 per cent crash in the April-June period.
