World Air Conditioner Market – 2021 Update - 2.4 INDIA

The novel coronavirus outbreak had a strong negative impact on the Indian economy during 2020. Due to the nationwide lockdown, gross domestic product (GDP) declined by 23.9% during the quarter from April to June, the first contraction in the economy in more than 40 years. Even while the lockdown was relaxed in phases, markets opened up slowly, especially in tier-1 metro cities that bore the brunt of the pandemic. Tier-2 and tier-3 cities and rural markets opened up faster and contributed more towards the recovery. The U.S.-based research company, Moody’s has pegged the GDP growth forecast for India at an 8.9% decline in 2020 to 2021 and an 8.6% increase in 2021 to 2022.