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Indian economy is witnessing a V-shaped recovery: Finance Ministry
Dec-04-2020

Few days after announcement of Q2 gross domestic product (GDP) data, the Finance Ministry in its latest Monthly Economic Review has said that the Indian economy is witnessing a V-shaped recovery as the GDP has recorded a quarter-on-quarter growth of 23 per cent in the July-September quarter of this fiscal.

AS per the report, this V-shaped recovery, evident at the half-way stage of 2020-21, reflects the resilience and robustness of the Indian economy. It further noted that the fundamentals of the economy remain strong as gradual scaling back of lockdowns, along with the astute support of Atmanirbhar Bharat Mission has placed the economy firmly on the path of recovery.

The report also underlined agriculture, construction and manufacturing as the largest support for the growth drivers and added that the contact-sensitive services sector has also contributed although mainly through logistics and communication. Besides, it said that the recently celebrated festive season contributed to a rise in fresh COVID-19 positive cases in India, although numbers have started to decline again, a trend seen in many other countries.

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