World Compressor Market - INDIA

The year 2020 was a merciless year for the economy. The pandemic started squeezing India’s economy towards the end of March due to the nationwide lockdown. Even during the phased relaxation of lockdown, markets opened up slowly. Tier I and II cities were particularly affected by the novel coronavirus because of their high population density. Semi-urban and rural markets opened up faster and started the economic recovery process. India’s gross domestic product (GDP) growth was negative for the first time in 40 years. It dipped to –23.9% during the April to June quarter. The government has forecast negative growth of 7.7% in 2020 to 2021.