The Indian economy rose by 1.6 per cent in the January to March quarter (Q4 FY21) from the previous three months but contracted by 7.3 per cent for the entire fiscal year, which was the worst in more than 40 years, according to the data released by the government.
The Indian economy continued its expansion in Q4 od FY21 in line with the forecasts by experts and is the second consecutive quarter when it has grown after negative growth in the two previous ones.
According to a Reuters survey of 29 economists showed the gross domestic product in Asia’s third-largest economy grew 1.0% in the March quarter from a year earlier, up from 0.4 percent in the previous quarter when India began pulling out of a steep pandemic-induced recession in earlier six months. But the second wave of infections and deaths across the world’s second-hardest hit country has caused forecasters to trim their projections for the coming months.
The median forecast for April-June growth is 21.6 per cent, down from a month-earlier estimate of 23% after the resurgence prompted most industrial states to impose lockdowns, throwing millions out of work. For the fiscal year to March 2022, economists cut their median forecast to 9.8 per cent from 10.4 per cent, according to Reuters.
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