View: Even if there’s a Covid resurgence, India’s economic turnaround is heartening
India has proved more resilient than one dared hope.
Synopsis
All short-term indicators from October onward — electricity consumption, rail freight, auto sales, goods and services tax (GST) receipts — keep rising. If this trend continues — admittedly a big if — India may return to its pre-Covid GDP level by December 2020 or March 2021, not December 2021 as earlier feared. That will be a notable feat.
India is recovering from the Covid-19 recession much faster than seemed possible a few months ago. GDP crashed 23.9% in the April-June quarter, among the sharpest falls in the world. But in the July-September quarter, GDP is down just 7.5%, a big improvement.Other countries have been hit by a second Covid surge and accompanying curbs on economic activity. But not India. All short-term indicators from October onward — electricity consumption,
Get Unlimited Access to The Economic Times
