NEW DELHI (Reuters) – Indian economy contracted at its steepest pace on record of 23.9% year-on-year in the June quarter, official data showed on Friday, as the pandemic lockdown shattered consumer and business spending.
The read-out for the June quarter was worse than the 18.3% contraction forecast of analysts in a Reuters poll, and lower than a 3.1% growth rate for the previous quarter.
(Reporting by Manoj Kumar, Nidhi Verma and Swati Bhat; Editing by Toby Chopra)
