New Delhi, Nov. 30 (BNA): India’s economy grew 8.4% in the July-September quarter compared to the same period a year earlier, the government announced on Tuesday, raising hopes of recovery after the country suffered historic contractions caused by the coronavirus. pandemic.
India, Asia’s third-largest economy, suffered the biggest setbacks among the major economies in the past fiscal year, according to the Associated Press.
In the same quarter of the previous year, the economy contracted by 7.4%, hit hard by the rise in coronavirus cases and the strict nationwide lockdown, with months of restrictions that dealt a massive blow to economic activity.
After experiencing a devastating rise in virus cases fueled by the delta variant earlier this year, the situation in India has improved in recent months.
Daily cases fell dramatically to around 10,000 after breaking through 400,000 in May and the pace of vaccination increased, instilling confidence in businesses and industries reopening. Streets and markets across the country are now bustling with activity.
Experts said sectors such as agriculture and mining performed well and helped drive the growth seen in the July-September period.
The new GDP numbers added to the signs of an economic turnaround. Growth in the April-June quarter jumped 20.1%.
It was the fastest pace of expansion for India since it began publishing GDP figures in 1996. But economists cautioned that the rise was accounted for from the smaller base last year when India’s economy contracted 24.4% in the April-June quarter of 2020, causing led to the rise of a country into recession.
A country enters a technical recession if its economy contracts for two consecutive quarters. In 2020 and 21, India’s growth contracted by 7.3%, exacerbated by a slump that drove growth to 4% from 8% in the two years prior to the outbreak.
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