The second and more debilitating wave of the pandemic has affected economic activity but not as badly as one would have expected. India’s growth recovery, which started in the third quarter of 2021-2021 is like to be maintained in the January-March quarter while a full year contraction is estimated to be marginally lower than the previous estimate of a decline of 8 percent. It is believed that lockdowns have been less stringent and growth in manufacturing and exports has been higher. These observations have been coming out today as the government releases the provisional full-year Gross Domestic Product (GDP) data for fiscal year 2020-21. The data released will give insight into the economic growth in Q4FY21 (January to March quarter), before lockdowns and other restrictions were imposed in most states due to the second wave of COVID-19.
Conglomerate Reliance Industries Ltd and ICICI Bank Ltd provided the top boosts to the Nifty 50, gaining 2.5% and 2.1%. Reliance, which ended 6% higher on Friday, has risen in the last five trading sessions out of eight.
India reported its lowest daily increase in new COVID-19 infections since April 11 at 152,734 today, while deaths rose by 3,128.