India’s economy rebounded at a record rate in the three months to the end of June even as a devastating second wave of Covid-19 hit the country.
Looser pandemic curbs allowed for more economic activity compared to the country’s first nationwide lockdown in 2020.
Gross domestic product (GDP) grew by 20.1% for the April to June quarter compared to a year earlier.
During the same period last year, India’s economy shrank by 24%. The Indian government’s chief economic adviser KV Subramanian pointed to private investments and consumer spending for helping to boost the so-called ‘V-shaped’ recovery.
Manufacturing and construction also drove growth, according to India’s statistics ministry.
The Indian economy shrank by 7.3% in its last financial year. It has been among the world’s major economies to be hit hardest by the pandemic.