New Delhi: The Indian economy grew by a record 20.1 per cent in the April-June quarter, helped by a very weak base of last year and a sharp rebound in the manufacturing and services sectors in spite of a devastating second wave of COVID-19 cases. India is now on track to achieving the world’s fastest growth this year.
While there was a sharp year-on-year expansion, sequentially the economy slowed down by 16.9 per cent over the January-March quarter and was 9.2 per cent short of pre-COVID levels of April-June 2019, according to the first quarter GDP data released by the National Statistical Office (NSO) Tuesday.
India’s macroeconomic fundamentals are much stronger and the country is all set for robust growth on the back of structural reforms, government’s capex push and rapid vaccination, Chief Economic Advisor KV Subramanian said on Tuesday.
Briefing media on the growth number, he said the GDP data for the first quarter reaffirms the government’s prediction of an imminent V-shaped recovery made last year.
The economy had contracted by a massive 24.4 per cent in April-June 2020 after one of the world’s most stringent lockdowns was imposed to curb the spread of coronavirus infections, crippling economic activity. GDP had grown by 1.6 per cent in the January-March 2021 quarter.
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