As per data released by the National Statistical Office on Friday,  India's Gross Domestic Product (GDP) contracted 7.5% in the July-September period in comparison to the corresponding period last year, With this, India has performed the poorest among major advanced and emerging economies and entering a technical recession for the first time since independence.

The Reserve Bank of India (RBI) has estimated that the economy will contract by 9.5% for the full fiscal year. The pandemic-induced lockdowns had led to a steep contraction of 23.9% in the GDP for the April-June quarter as compared to the same period a year ago. The two successive quarters of contraction mean that the country has now entered a "technical recession" for the first time since 1947.

The index is constructed from 27 monthly indicators using a dynamic factor model and suggests that the economy recovered sharply from May/June 2020 with the reopening of the economy, with industry normalizing faster than contact-intensive service sectors.

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