RBI Warns Of Economic Contraction Till Sept, Says Govt Consumption Key To Demand Growth | Read

Economic upticks visible in May and June after the easing of coronavirus-related lockdown appear to have lost strength in July and August, mainly due to the re-imposition of restrictions, the Reserve Bank of India said on Tuesday. That suggests that contraction in the country's GDP or gross domestic product will "likely prolong into" the second quarter (July-September), the RBI said in its annual report for 2019-20. The release of the central bank's annual report comes days ahead of the release of official data on GDP for the quarter ended June 30.