Union Home Minister Amit Shah on Thursday said that the Indian economy was undergoing a ‘v-shaped recovery’ adding the world was surprised with the nation’s rebound. While addressing the inauguration of a four-lane over-bridge in Shilaj, Ahmedabad, the Home Minister also lauded that vaccination drive in the country asserting that India ‘will attain victory over the pandemic.’
“Economies of all countries in the world were affected due to the coronavirus. But, the world is surprised and watching the V-shaped recovery of the Indian economy,” said Amit Shah.
The GDP contracted by 23.9 percent in the June 2020 quarter due to the lockdown, and the contraction narrowed down to 7.5 percent in the September quarter as compared to the same in the year-ago period, as the unlock process began.
The demand situation has shown further improvement in the December quarter which witnessed the festivities, with several high-frequency indicators illustrating the same.
The Union government now expects the GDP to close FY21 with a contraction of 7.7 percent.