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August 31, 2021

GDP growth for Q1 comes at 20.1%

by CA Shivam Jaiswal in Corporate Law

GDP growth for Q1 comes at 20.1%

1. 2021-22 data reaffirms Government’s prediction of an imminent V-shaped recovery made last year at this time. Increase of 20.1% in GDP – despite the intense second wave in the months of April-May – highlights the continued economic recovery.

2. Recovery supported by rapid surge in vaccination coverage from 4.7 per cent of the total population in Q4 of 2020-21 to 24.5 per cent in Q1 of 2021-22

3. Exports have risen by 8.7 percent while imports are lower by 5.3 percent compared to pre-pandemic levels. While services sector still continues to feel the impact of the pandemic, industry has grown by 46% to recovered to 96 per cent of pre-pandemic levels

4. Macro-economic fundamentals much stronger now than post Global Financial Crisis

5. India poised for stronger growth from Structural Reforms, Government’s Capex Push, Financial sector Clean-up and Reforms, and Rapid Inoculation

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