After the country’s gross domestic product (GDP) grew by 1.6 per cent in the January-March quarter of fiscal 2021, India is now one of the select few economies in the world that witnessed positive year-on-year growth in the last two consecutive quarters. According to a recent report titled ‘Monthly Economic Review 2021’ released by the Department of Economic Affairs, the higher economic growth during the fourth quarter may be linked to the unlocking of the economy and revival in business and consumer confidence that was underway during the period.
In the fourth and last quarter of the financial year 202-21, the GDP registered an improvement over the 0.5 per cent growth in the third quarter. While the GDP contracted by a record 24.4 per cent in the first quarter of the fiscal and by 7.4 per cent in the second quarter, resulting in the economy slipping into a technical recession.
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