NEW DELHI: India’s economy grew at 1.6% in the March quarter against 0.5% in the preceding December quarter, signaling that economic activity was gathering momentum before the second wave of coronavirus pandemic hit the economy. Data released by the Central Statistics Office showed Indian economy shrank 7.3% in FY21 due to the impact of the first wave of the pandemic last year instead of 8% contraction estimated earlier. During the March quarter, gross value added (GVA)—another method of measuring economic activity in the country—grew 3.7% against 1% in the December quarter. In the March quarter, manufacturing activity rebounded to grow at 6.9% against 1.7% in December quarter. Construction (14.5%) and public expenditure (2.3%) and electricity (9.1%) also recovered in March quarter compared to the December quarter.

Source: Mint May 31, 2021 12:32 UTC