NEW DELHI: India’s economy contracted by 7.7 percent in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday.
The government survey cited by the Press Trust of India news agency estimates the economy will bounce back, growing 11 percent in the fiscal year that begins in April.
Finance Minister Nirmala Sitharaman presented the report to Parliament on Friday. She will present the national budget for 2021-22 on Monday.
India’s economy contracted at a 7.5 percent annual pace in the July-September quarter following a record slump of nearly 24 percent in the previous three months that pulled the country into a recession. India last suffered a recession in 1979-80 after an oil shock.
A country enters a technical recession if its economy contracts for two successive quarters. India last suffered a recession in 1979-80 after an oil shock.
The downturn followed a strict two-month lockdown imposed across the country beginning in March to combat the pandemic. It triggered massive unemployment in small and medium-sized businesses and left farmers in distress.
The government has sought to cushion the blow from the lockdowns and virus outbreaks, introducing a $266 billion package in May to boost consumer demand and manufacturing. A large part of the package was actually loans provided by banks, many of them without collateral.
That was followed by a $35.14 billion package early this month to stimulate the economy by boosting jobs, consumer demand, manufacturing, agriculture and exports hit by the coronavirus pandemic.
Indian economy shrinks 7.7% in fiscal 2020-21 amid pandemic
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Indian economy shrinks 7.7% in fiscal 2020-21 amid pandemic
- The government survey estimates the economy will bounce back, growing 11% in the fiscal year that begins in April
- The downturn followed a strict two-month lockdown imposed across the country beginning in March to combat the pandemic
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
