Although the result is better than that of April-June, when the gross domestic product (GDP) had collapsed 23.9%, the accumulation of two quarters of contraction technically means the entry into recession.  India, the third Asian economy behind China and Japan, is the second country with the highest number of confirmed cases of coronavirus accumulated since the beginning of the pandemic and implemented one of the most severe confinements of its population.  Between July and September there was a rise in consumer spending related to purchases prior to the October-November holiday period, but this does not offset the sharp drop in other sectors, such as construction and hotels.
" The worst is over if all the indicators are observed; we are going to witness continuous improvement ", stated Sameer Narang, chief economist of the state bank Baroda.
However, the authorities They estimate that despite the recovery forecast for the coming months, the economy will fall 9.5% in the current fiscal year (April 2020-March 2021), as estimated by the Governor of the Central Bank, Shaktikanta Das.
The International Monetary Fund (IMF), in its latest projection, calculated that the contraction of the Indian economy will be 10.3% in the current fiscal year.
Also, a recent report by Oxford Economics warned that, due to the impact of the pandemic, India will maintain its annual production 12% below pre-Covid-19 levels until 2025.
Since the beginning of the pandemic, India accumulated 9,309,787 confirmed cases of coronavirus ( 43,082 in the last 24 hours) and 135,715 deaths from the disease (492 new), reported the Ministry of Health, according to the Europa Press agency.