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The Indian economy recorded a resounding recovery and clocked the fastest pace of double-digit growth rate of 13.5 percent in the first April-June quarter of the current fiscal, riding high on the back of a favourable base effect and improved activities following the relaxation of pandemic-led restrictions. Factually, the rate of expansion has outweighed the ripple effects of geopolitical and international worries. The third-largest economy in Asia reported results that fell short of Reuters’ projection of 15.2 percent but were much higher than the 4.1 percent growth rate in the previous quarter.
In the first quarter, the economy experienced growth in contact-intensive industries due to lowering concerns over COVID-19 and a comeback in private consumption, one of the main drivers of the economy. In addition, a major coronavirus Delta wave around the same time period the previous year had slowed growth as consumer demand shrank due to state-mandated movement restrictions. India’s economy expanded by 20.1 percent in the first quarter of the previous fiscal year, but the growth figure was inflated by the country’s economy contracting by 23.8 percent in the same period of time the following year as a result of lockdowns that caused businesses to close and even made millions of people unemployed.
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