India is one of the world’s fastest growing economies and the 5th largest with a nominal gross domestic product of $2.9 trillion in 2019. India was already facing an economic slowdown before the Covid-19 outbreak pushed the government to impose a nationwide lockdown that began in late March and has subsequently been extended multiple times at least until the end of June. Economists expect India’s GDP to contract by five percent during 2020. Prime Minister Narendra Modi’s government recently announced a $266 billion support package – worth around 10% of India’s GDP – containing both fiscal and monetary measures to mitigate the economic fallout. Analysts expect India's growth to rebound to 6.2% in 2021. Economists anticipate India’s inflation rate will hit 3.3% in 2020. India's unemployment rate fell to 11% in June from a record high of 23.5% in the previous two months, as many businesses resumed operations following weeks of closures due to the coronavirus pandemic.
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