India's economy grows 20.1% in Q1, lags pre-COVID level
Overall Gross Value Added (GVA) in Q1 was 7.8% lower than the first quarter of 2019-20, while GDP remained 9.2% lower. This indicates that the economy still has a long way to go before it returns to the regular activities that were prevalent before the pandemic.
India’s Gross Domestic Product (GDP) has increased by 20.1% in the first quarter of 2021-22, compared to the 24.4% contraction recorded in April — June 2020. The reason behind the lag is the pause of all the economic activities during the period of the Covid19 pandemic.
The Reserve Bank of India and the International Monetary Fund had revised their growth projections for the year to 9.5%. CARE Ratings revised its GDP growth estimate for the year to 9.1% from 9.2%, as it expects growth rates in the next three quarters to be progressively lower with the base effect wearing off.
Compared to 2 years ago, India’s GDP shrinks -9.2%.
— Sitaram Yechury (@SitaramYechury) September 1, 2021
Common people paying record high taxes, food, oil prices are shooting up
Corporate taxes are down, at a record-low.
Unemployment is sharply up and very high.
Govt spending is ⬇️ by 41.6%
Fresh investments are ⬇️ by 18% pic.twitter.com/Gwpd3Vzdqf