The official gross domestic product (GDP) data for the July-September quarter (Q2) for the financial year 2020-21 released on Friday evening showed that India’s Q2 GDP contracted by 7.5%. During the same quarter, last year GDP growth was 4.4 percent.
However, as per the records showed earlier, India’s economy had contracted by an unprecedented 23.9% in the first quarter (April-June) and it was expected to be reduced by 8.6% in the second-quarter (July-September).
“The sharp rebound in the second quarter GDP print to -7.5 percent as compared to the large unprecedented -23.9 percent decline seen in the previous quarter will boost confidence that with the easing of lockdown restrictions over the past few months, there has been a discernible improvement in the economy”, said by Chandrajit Banerjee, CII Director-General.
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