What is the reason for -23.9 % GDP rate in India...
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Agriculture and allied activities turned out to be the lone silver lining, which registered a 3.4% growth during the quarter. Besides this, the mining sector contracted 23.8%, while the manufacturing industry fell by 39.3%. The financial services sector registered a contraction of 5.3%.
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India's economic growth has taken a hit due to a number of factors - including slowdown in private consumption, investment and export - but the key indicator is lack of credit (money to produce goods) growth and demand in the market.
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