A Recession: What Is It?

Although many definitions of recession exist, they all share characteristics

relating to economic production and labour market consequences.

Continual weak or negative real GDP growth is what is known as a recession.

(output) accompanied with a considerable increase in the unemployment rate many

other

During a recession, measures of economic activity are also weak.

A "technical recession" is the term most frequently used in the media to describe
economic downturns.

which real GDP has experienced negative growth for the past two quarters in a
succession. This

term is frequently used by journalists and can be found in textbooks.

India has gone through four recessions since gaining its independence. According to
the Reserve Bank of India (RBI), the recessions took place in 1958, 1966, 1973, and
1980.

A recession is characterised by a drop in total economic activity for two

consecutive quarters (six months), as well as a drop in revenue, sales, and
employment.

According to the release, "Nominal GDP or GDP at current prices for the year 2020-
21 is estimated at 198.01 lakh crore as against 200.75 lakh crore for the year
2019-20, representing a decline of 1.4% during 2020-21 as compared to growth of
6.2% during 2019-20.

"
According to estimates, India's GDP will reach INR 236.65 trillion (US$3.05
trillion) in FY 2022, a substantial increase from FY 2021, when it was at that
level.

Despite challenges from rising inflation, a widening trade deficit, and a weakening
currency, India will have the fastest growth of any major economy this year and the
following one, a top government source predicted on Thursday "India won't have a
recession at any point. We are expanding steadily.
 There is no doubt that growth will continue to accelerate; we will continue to
have the fastest-growing economy this year and the following year "added the
source.

The economy has continued to recover even though inflation is over the desired
level because to stalled service demand and increased manufacturing output.

Concerns over a balance of payments crisis, in which India could not have enough
foreign currency to pay for imports, were addressed by the source, who claimed that
since the prices of crude oil and electronic goods had decreased, CAD shouldn't be
a significant problem. It should shortly stabilise. Experts predict that CAD would
rise from 1.2% of GDP last year to 3% of GDP in the current year.