Tuesday, August 31, 2021
The economic toll from a deadly second wave of Covid-19 that swept through India last quarter doesn’t appear to be as bad as feared, with analysts still seeing the nation pulling off the world’s fastest growth this year.
A better-than-expected manufacturing performance and a milder hit to services, combined with a robust pace of vaccinations, have helped keep the annual growth outlook for the economy steady at 9.2%, according to a survey. That pace is the same seen in a poll last month and the quickest among major economies.
“The economic damage appears to be less than previously expected,” said an expert.“With the second outbreak brought under control, a rapid recovery appears underway,” he said.
Gross domestic product(GDP) grew 21% in the three months through June from a year ago, according to the median of 45 estimates compiled by Bloomberg, mainly as a bounce back from last year’s crash.
