Recession: Indian economy shrinks 7.5% in Q2

India’s economy shrank 7.5 per cent in the fiscal second quarter, after seeing a record contraction of 23.9 per cent in Q1. With the contraction in two successive quarters, India has entered into a technical recession in the first half of the current fiscal. However, the economy substantially narrowed contraction to a single digit in Q2.  Meanwhile, the output of core industries shrank more in October, than in September. It shrank 2.5 per cent in October, against a fall of 0.8 per cent in the previous month.