India’s GDP had shrunk to lowest of all time during the 2020 in straight two quarters. But the blame wasn’t on anyone as the entire world was going through an emergency. India too had slipped into a technical recession during July-September when GDP fell for two successive quarters. In the July-September quarter, India’s GDP contracted 7.5% year-on-year.
The unlocking process briefly began from the month of August, though everything took sometime to get back on track. As People started stepping out of their houses due to which capital started rolling back into the market. Soon by the end of the third quarter of 2020 a substantial growth was seen.
As per experts India’s gross domestic product (GDP) is expected to get into expansion territory in the third quarter of 2021. Although the cases are reportedly increasing in the financial capital Mumbai, which can be a matter of concern for many businesses. If everything goes as normal, India might soon recover its GDP faster than any Asian country revealed by a multinational bank.
Further, the Reserve Bank of India earlier indicated that the Indian economy has further recovered and estimates the GDP to turn positive in the third quarter. They too expect the GDP to expand to 0.8% by the third quarter of 2021.