India's GDP shrinks to 2014 level when PM Narendra Modi took reins

The Indian economy has shrunk, in absolute terms, back to the size it had last seen 22 quarters ago when Prime Minister Narendra Modi took charge of governing the country.

In the June quarter of 2020, as the Indian economy saw record contraction, the size of quarterly gross domestic product (GDP) shrunk to Rs 26.9 lakh crore.

The last time the quarterly GDP of the country was so low was over five years back in the quarter ended December 2014, when the size of the economy stood Rs 26.46 lakh crore.

After December 2014, the economy continued to grow by over 7% for the next eight quarters, until the demonetisation triggered a slowdown in the economy in the March quarter of 2017.

However, the major slowdown blues set in the economy since the quarter ended March 2018 had persisted until the time economy went into a recession. In the June 2020 quarter, the economy shrunk by 23.9% and was one of the worst-hit across the globe.