India's gross domestic product (GDP) contracted 7.5 per cent in the July-September period, as the economy rebounded from a record slump of 23.9 per cent in the previous quarter due to slowdown caused by the coronavirus pandemic. The GDP reading for the second quarter of current financial year is much better than economists' forecasts of 8.8 per cent in a poll by news agency Reuters.  

With this, Indian economy has entered into a technical recession for the first time in history. In economics, when the GDP growth rate is negative for two consecutive quarters or more it is termed recession.  The economy had shrunk by an unprecedented 23.9 per cent in the first quarter of this fiscal due to the coronavirus pandemic and resultant lockdowns.

However, China’s economy grew by 4.9 per cent in July-September this year, faster than the 3.2 per cent growth in April-June 2020.