The economy grew 8.4% in the July-September quarter, surpassing the previous COVID level; Main highlights

Economy grew by 8.4% in July-September, surpassing previous COVID levels: Highlights

India’s Q2 GDP data for 2021-22: The country’s GDP grew by 8.4% in the 9th quarter

The economy recovered in the July-September quarter of the 2021-22 financial year, as gross domestic product (GDP) grew 8.4% from a year earlier on stronger consumer spending. The data came out in line with a recent Reuters poll, where all 44 economists surveyed, said GDP grew by 8.4% in the three-month period.

India Q2 GDP data: Here’s everything you need to know

  1. Growth of 8.4% in the second quarter of the current fiscal – India grew at the fastest rate among major economies – surpassed previous COVID levels, according to government data.

  2. Disruptions from the novel coronavirus Omicron variant threaten to slow the recovery, especially given India’s low vaccination rates, economists say. The global recession and rising producer prices also pose risks to economic growth.

  3. Manufacturing activity expanded 5.5% and farm output rose 4.5% in the September quarter, spurring a recovery as falling interest rates boosted consumer spending and investment.

  4. Consumer spending – the economy’s main driver – rose 8.6% from a year earlier in the July-September quarter, after rising 19.3% in the previous quarter.

  5. The Reserve Bank of India, which has always maintained an accommodative stance to support the economy, has predicted annual growth of 9.5% in the current fiscal – the same as predicted by the International Monetary Fund. economic for this country.

  6. While responding to the press on Tuesday, Chief Economic Adviser (CEA) KV Subramanian said India is expected to record double-digit growth in the current financial year, supported by demand. increased and the banking sector developed strongly.

  7. GDP contracted by 7.5% in the corresponding quarter of the previous fiscal 2020-21, leading to India’s first technical recession – after two consecutive quarters of GDP contraction, since 1996, due to the shutdowns. as the pandemic threatens the growth rate of the economy. and brought industrial activity to a standstill.

  8. Recording its worst performance in more than four decades, India recorded a 7.3% decline in growth in the 2020-21 financial year, placing it among the major economies hit hard. hardest hit by the COVID-19 pandemic.


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