India’s economy grows 8.4% in the second quarter of the fiscal year

This content was published on November 30, 2021 – 15:04

New Delhi, 30 November (EFE). – The Indian economy showed a GDP growth of 8.4% in the second quarter of this financial period (from April 2021 to March 2022), as it witnessed one of the highest growth rates among the major economies, compared to a contraction of 7.4% in the same period of the previous year.

This recovery is mainly due to the positive growth seen in key sectors such as agriculture, mining, manufacturing, utilities, transportation and communications, according to a report by the Indian Ministry of Statistics.

With this data, India estimated GDP growth for the first half of the fiscal year, from April to September, at 13.7%, which is a positive number compared to the 15.9% contraction experienced by the Asian nation in the same period of the previous fiscal year.

The Indian economy, which had already slowed in growth in recent years, saw an estimated contraction of 7.3% of GDP during the 2020-2021 fiscal year, under pressure of the economy shutdown due to pandemic restrictions.

In the first quarter of that year, India recorded the worst contraction in its history, with a growth of -24.4%, just as this country of more than 1,350 million people was crippled by harsh confinement measures, with red numbers in almost all sectors of its economy.

India is recovering with positive data for four consecutive quarters, starting in October 2020, after overcoming the first wave of coronavirus.

The Reserve Bank of India (RBI, the issuer) has forecast 9.5% growth in the 2021-2022 fiscal year, with a forecast slightly lower than that released today at 7.9% for the quarter.

The Indian Ministry of Finance, in its annual survey presented at the beginning of the year, also expected rapid growth for this year, after it reached the bottom, with a recovery of about 11%.

Despite the strong signs of recovery, the government report also warned that it will take at least two years for India to return to pre-pandemic levels of growth. EFE

IGR / MT / ie

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