India's GDP was seen contracting over 40% for the June quarter of 2020.

The note issued by the SBI bank said that Indian GDP may decline by 40% for June 2020.

The note issued by the SBI bank said that Indian GDP may decline by 40% for June 2020.SBI has outlined several important features of GDP data in its research note issued on 26 May 2020. It said that they believe India's GDP will reduce by 40 per cent in the first quarter for the financial year 2020 due to lockdown imposed by the government to combat COVID-19 pandemic. The bottom-up approach estimation to growth said that the top 10 states accounted for 75% of total GDP loss as the economic activity remains depressed.

Reference links

State Bank of India

supports

The Economic Times

supports

Have a question or correction on one of our fact-checks?

If you think a claim has been misjudged or requires correction, please send us evidence to support your error claim. We will revisit our evidence and verdict and conduct additional research to verify new information.

Fact Check of the Day

misleading

397 children were diagnosed with heart inflammation after receiving Pfizer’s COVID-19 vaccine in U.S.