The weakness at the heart of India’s economy ...Middle East

Quartz - Economy
The weakness at the heart of India’s economy
source : Quartz ( Middle East ) () 10
A weak banking system has come back to haunt India’s economy during the pandemic.The country’s recovery has been slow and elusive in the wake of a stringent, months-long lockdown that drove it into a deeper recession than most of the world’s large economies. According to the data released by the government, India’s economy contracted by 24% and 7.5% year-on-year in the first two quarters of the current financial year.Such a sharp downturn has pushed the authorities into action. India’s central bank has slashed the repo rate (the rate at which Reserve Bank of India lends to banks) to a record low and infused liquidity into the markets through innovative measures. In unprecedented moves, the c

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