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India economy seen growing at world's quickest rate
despite Covid outbreak
The economy is on track to grow 10% in the year that began April 1, according to the median of 12
estimates compiled by Bloomberg News
The Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19,
although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies
The economy is on track to grow 10% in the year that began April 1, according to the median of 12 estimates
compiled by Bloomberg News. That’s after several economists downgraded their forecasts in recent weeks to
factor in local curbs on activity, including in India’s political and commercial hubs.
But the downgrades are a message to not take the economy’s recovery for granted. Economists say the relaxation
of restrictions across states will determine the strength of the rebound, while the willingness of consumers to
spend -- as they did last year when lockdown curbs were lifted -- will also be key.
It was pent-up demand for everything from mobile phones to cars that spurred consumption in Asia’s third-largest
economy when it reopened last year after one of the strictest lockdowns that lasted more than two months. Data
due later Monday will probably show gross domestic product grew 1% in the three months ended March, making it
the second straight quarter of expansion since India exited a rare recession.
What Bloomberg Economics Says...
“Widening state-level lockdowns over the last month now pose significant downside risks to our latest growth