Indian Economy returns to Growth in Q3 FY21 with GDP growth of 0.4%

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Indian economy returns to growth in Q3 FY21, continuing on a path of a V-shaped recovery

Indian economy returns to growth in Q3 FY21, continuing on a path of a V-shaped recovery

27 Feb 2021
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Indian economy returned to growth in the third quarter of FY21, emerging out of two consecutive quarters of contraction, reflecting a robust V-shaped recovery. Real GDP grew by 0.4% YoY in the Q3 FY21 compared to a contraction of 7.3% YoY in the preceding quarter. On the supply side, the real Gross Value Added also returned to growth. A two-paced recovery that was observed in the last quarter was also evident in the third quarter. However, there are some tentative signs of recovery becoming relatively broad-based as more sub-sectors returned to growth. We expect the economic activity to gain traction in Q4 supported by higher government spending. We project a real GDP contraction of around 6.7% YoY in the FY21 and an expansion of 12.4% YoY in FY22.

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