India’s economy to see worst contraction as India emerges as new COVID-19 hotspot

Economists expect that India’s economy will see the worst economic contraction in four decades during the current fiscal year that began in April.

This was forecast by the polls conducted by Reuters news agency.

The economy of so-called largest democracy grew at its slowest pace in two years due to already declining consumer demand and private investment.

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India is emerging as a new hotspot of coronavirus Pandemic with record jumps in new cases in recent days.

Figures from India’s health ministry showed, coronavirus death toll soared to 4,706 with 175 new fatalities in 24 hours.

It is biggest daily jump of 7,466 new COVID-19 cases and the number of active cases in the country stood at 165,799, with western Maharashtra state accounting for 36 percent of cases and 42 percent of deaths.