India's economic recovery has been faster than expected in the second quarter (Q2, July-September) as a pick-up in manufacturing helped the gross domestic product (GDP) witness a lower contraction of 7.5 per cent. Manufacturing clocked a surprise 0.6 per cent growth in Q2 after it had shrunk by 39 per cent in the preceding quarter, according to recent official data.
The GDP had contracted by a record 23.9 per cent in the first quarter of this fiscal, while it saw a growth of 4.4 per cent in the second quarter in the last fiscal.India's economic recovery has been faster than expected in the second quarter (Q2, July-September) as a pick-up in manufacturing helped the gross domestic product witness a lower contraction of 7.5 per cent. Manufacturing clocked a surprise 0.6 per cent growth in Q2 after it had shrunk by 39 per cent in the preceding quarter, according to official data.#
The agriculture sector grew by 3.4 per cent in Q2, while the trade and services sector showed lower-than-expected contraction at 15.6 per cent. Public spending was down 12 per cent, a news agency reported.
Reserve Bank of India (RBI) governor Shaktikanta Das said last week that the recovery from the coronavirus-induced lockdown has been stronger than expected and the economy could show growth in the fourth quarter.
Fibre2Fashion News Desk (DS)