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ICICI Securities Report
The growth numbers showed that in the second quarter of FY21 the economy contracted at a much slower pace than expected.
Real gross domestic product contracted 7.5% YoY in Q2 FY21, sharply up from the 23.9% contraction recorded in the preceding quarter.
The contraction in Q2 FY21 was much lower than consensus (street estimate down 8.9%, Reserve Bank of India survey of professional forecasters: down 10%, RBI Nowcasting model: down 8.6%).
Despite better-than-expected performance in Q2, India slipped into ‘technical recession’ i.e. contraction in real GDP in two consecutive quarters.
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