India Economy - Recovery Incomplete Through Pre-Covid Lens; Vaccine Ramp Up To Boost GDP In H2: ICRA
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ICRA Research Report
In YoY terms, Indian gross domestic product expanded by 20.1% in Q1 FY22, a superior performance compared to various large economies.
This reflected the distorted base of last year’s stringent nationwide lockdown in India.
A more appropriate gauge of the real recovery is achieved by looking through a pre-Covid-19 lens, i.e. comparing Q1 FY22 with the Q1 FY20.
India’s GDP was 9.2% lower than pre-Covid-19 levels in Q1 FY22, whereas various other economies had benefited from early vaccine spread.
On the production side, construction and trade, hotels, transport, communication and services related to broadcasting stood out as the biggest laggards in India in Q1 FY22 relative to their pre-pandemic levels.
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