India’s GDP was beginning to get better. Then a second Covid wave hit
Asia’s third biggest economy recorded a rise in gross domestic product of 1.6% in the January-March quarter, compared with the same period a year earlier, according to official statistics published on Monday. This is faster than the 0.5% growth reported in the previous quarter.
The stronger performance wasn’t enough to prevent the economy contracting by 7.3% for India’s fiscal year as a whole, which ended in March.
India slipped into recession for the first time in nearly a quarter of a century last year, following a sweeping, months-long national lockdown that placed severe restrictions on business activity and travel. While those measures helped control the spread of Covid-19, many of the country’s poorest and most vulnerable were stranded without income for weeks, leaving deep scars on the economy.
India had hoped its recent recovery would begin to heal those economic wounds. As recently as March, the Organization for Economic Cooperation and Development projected that India would…
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