India’s gross domesic product (GDP) grew by 8.4 per cent during the July-September quarter of 2021-22. The growth, though not so high as the stupendous 20.1 per cent jump seen in the June quarter of the current fiscal, is still in positive territory for the fourth consecutive quarter.
However compared to the corresponding period of the previous fiscal, the 8.4 per cent growth in September quarter of 2021-22 is huge considering the fact that there was a contraction of 7.4 per cent in the July-September quarter of 2020-21.
The spurt in economic growth during the second quarter of the current financial year was mainly due to the positive growth seen in key sectors like agriculture, mining, manufacturing, electricity and water supply, transport, communication and real estate.
During the second quarter of the previous fiscal (2020-21), all these sectors had witnessed negative growth except for agriculture as well as gas and water supply, according to data released by the ministry of statistics.
This is the fourth consecutive quarter when positive growth has been witnessed, as economy had grown by 0.5 per cent third quarter of 2020-21, 1.6 per cent in the fourth quarter of 2020-21 and 20.1 per cent in the first quarter of 2021-22.
In the first two quarters of 2020-21, the growth was -24.4 per cent and -7.4 per cent respectively, as the country was under complete lockdown due to the outbreak of the Coronavirus pandemic and all economic activities had come to a halt.
Gradually after restrictions were lifted and festival season related activities started from October 2020 onwards, the third and fourth quarters showed meagre but positive growth.