Record recovery in GDP between April and June after the 2020 pandemic

Bombay (awp / afp) – Indian economic activity saw a record rebound of 20.1% between April and June compared to the same period last year marked by the pandemic, fueled by the pandemic, according to official figures released on Tuesday manufacturing and construction sectors.

This is the strongest quarterly growth seen since New Delhi since quarterly statistics began to be published in 1996. That figure was expected by analysts after the historic 24.4% decline in GDP over the same period last year when many companies closed.

Exports grew 39% in one year.

“Economic activity has picked up and maintained its momentum since July,” Mahindra Bank economist Upasna Bhardwaj told AFP.

“As the pace of vaccination accelerates, we expect the momentum to continue, although we remain concerned about the changing number of people affected by the Delta variant.”

Compared to the previous quarter, the GDP of Asia’s third largest economy fell 16.9% according to an AFP estimate, reflecting the impact of the resumption of coronavirus infections and deaths in April and May.

The government has not published any estimates of the change in GDP for the quarter compared to the previous quarter.

India’s growth forecast has been revised downwards by analysts amid uncertainties about how badly the economy will be hit.

The IMF has revised its growth forecast for 2021/2022 downwards from 12.5% ​​to 9.5%.

Still, with a population of 1.3 billion, India is the country that is expected to grow the fastest in 2021, after a record drop in GDP of 7.3% in the previous year.

There are fears that a new wave of Covid-19 will hit India in the coming months.

The number of Covid cases topped the 40,000 mark last week, with infections skyrocketing in the southern state of Kerala after a major local festival.

Kerala has since imposed a curfew from next week to curb the surge in the number of cases.

The rate of vaccination has increased significantly in the country in recent weeks, with authorities handing out more than 10 million vaccine doses in a single day for the first time.

India has more than 32 million infections and nearly 439,000 deaths, the highest number in the world after that of the United States.

However, experts believe that this number has been underestimated and, in fact, could be much higher.

afp / jh