India’s GDP contraction: Impact on common man

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Recently, National Statistics Office has published a report, which says that in the April to June quarter of 2020, India’s GDP contracted by 23.9%, this in comparison to the same period last year. Simultaneously, the World Bank and number of other international agencies predicted that India’s GDP this fiscal may contract upto 11.7%. What do we mean by growth or contraction of GDP? How does it impact a common man? These are a few most basic questions that should come to the mind of an UPSC aspirant. Here we have compiled a list of articles from different sources, which to a certain extent answers these questions.

1. GDP contracts by record 23.9% in Q1
2. Inevitable collapse: on steepest contraction of GDP
3. India GDP growth contracts 23.9%: What is the economics behind the math?
4. Explained: How will India’s GDP contraction impact you?
5. Fall in GDP alarming; time for bureaucracy to take meaningful action: Raghuram Rajan