India’s economy will shrink this year for the first time since 1979

india coronavirus

India’s economy won’t grow at all this year, despite an anticipated rebound in activity in the coming months, the head of the country’s central bank said Friday.

Shaktikanta Das, the governor of the Reserve Bank of India (RBI), said that GDP in Asia’s third biggest economy would fall for the fiscal year of 2020-2021, which ends next March. The last time India’s economy shrank over the course of a year was in 1979.

Das made the projection while announcing a slew of new measures to prop up the ailing economy, which has largely been shut down due to a nationwide lockdown over the coronavirus pandemic.



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