India’s economy shot up by more than 20% after the Covid tsunami!

Jakarta, CNBC Indonesia – Indian economy rebound in the second quarter of this year after the second wave of the Covid-19 pandemic. It should be noted that India’s economic growth in April-June 2021 reached more than 20% compared to the same period last year.

This was due to an increase in production and higher consumer spending.

As Reuters reported on Tuesday (August 31, 2021), the economy of Asia’s third largest country plunged 7.3% in 2020/21. This makes India one of the major economies hardest hit by the pandemic. Growth was also less affected by the lockdown measures (Lockdown) April-May is less severe.

Based on data from India’s Ministry of Statistics on Tuesday (08/31/2021), gross domestic product (GDP) rose 20.1% from April to June compared to the same period last year, with manufacturing and construction as the main drivers.

But that’s still below the record drop of 24.4% in the same quarter last year, and matches a Reuters poll forecast for 20.0% growth.

Consumer spending, the main driver of the economy, rose versus a. by 19.34% year for year in April-June compared to the same period last year, but still below pre-pandemic levels.

The annual manufacturing growth of 49.6% in the three months to June compared to 6.9% growth in the previous quarter suggests that the new coronavirus-related rules, passed April-May, only one had limited impact on economic activity.

Many analysts say the risk of a spike in infections from the Delta variant and the slow pace of vaccination in some states could hurt India’s growth momentum.

“As the vaccination rate increases, we expect the momentum to pick up further, although we remain suspicious of the development of delta variant cases,” said Upasana Bhardwaj, senior economist at Kotak Mahindra Bank in Mumbai.

Unlike other countries that offer massive consumer support incentives, Prime Minister Narendra Modi has chosen to increase infrastructure spending and continue state-owned enterprise privatization and tax reforms to improve India’s medium-term growth prospects while providing free food to the poor to deliver.

The Reserve Bank of India (RBI) is forecasting annual growth of 9.5% for the current financial year, but continues to warn of a possible third wave of the pandemic.

[Gambas:Video CNBC]

(wia)


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