India’s GDP slumps 7.5%, worst among major economies

INDIA’S economy contracted 7.5% between July and September, performing the poorest among major advanced and emerging economies and entering a technical recession for the first time since independence, official data showed today.

Although the figures were an improvement on the record 23.9% contraction recorded last quarter, they indicate that Asia’s third-largest economy is in for a tough fight as it attempts to revive demand and create jobs.