India’s gross domestic product (GDP) showed an impressive growth as it shot up to record a 20.1 per cent rise in the April-June period or the first quarter of 2021-22. The growth is a remarkable recovery from the negative growth which was witnessed during the corresponding period of last fiscal when it was a dismal -24.4 per cent, mainly due to Coronavirus induced lockdowns.
This is the third consecutive quarter when positive growth has been witnessed, as GDP grew by 0.4 per cent third quarter of 2020-21 and 1.6 per cent in the fourth quarter of 2020-21. However compared to previous quarter or the January-March quarter 2020-21, when
In the corresponding period of 2020-21, the GDP had recorded negative growth at -24.4 per cent. The remarkable improvement in the June quarter GDP suggests that the country’s economy recovered rapidly after registering negative growth for the first two quarters of 2020-21.
It may be noted that the Indian economy started recovering quickly from the third quarter of FY21 (December quarter) as restrictions were eased; the festive sales also contributed to the 0.4 per cent growth in the third quarter of FY21 after contracting 23.9 per cent in the first quarter and 7.5 per cent in the second quarter.