India’s economy grew by 1.6% in the January-March period of this year, but contracted by 7.3% during the entire 2020-21 fiscal year due to the novel coronavirus, the country’s Central Bureau of Statistics confirmed.
India, one of the G20 countries, has seen its economy expand in two consecutive quarters with this result after GDP growth reached 0.5% in the third quarter of the 2020-2021 fiscal year.
Its deficit for the 2020-2021 fiscal year, which ended on March 31, was 9.3% of GDP. Infrastructure production rose 56.1% in April compared to the same month last year.
The country still has a long way to go to fully recover from the pandemic after posting a 4% growth rate in the entire 2019-20 fiscal year.
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The number of new cases of COVID-19 in India has recently risen, while the shortage of vaccines has taken a heavy toll.
Since the start of the pandemic, more than 28 million cases have led the country to second place in infections, behind Brazil and behind the United States, according to data from Johns Hopkins University in Maryland. In addition, approximately 330,000 people died.
*Maria Paula Trevigno contributed to this note.
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