India’s GDP Growth Prospects Hit A Record High In April-June

India’s GDP growth prospects hit a record high in April-June: Reuters poll. India’s economic growth prospects hit a record high in the June quarter.

This is indicative of a very weak base and a major shift in consumer spending over the past year.

In a Reuters poll of 41 economists in August, it was seen that GDP grew by 20 percent in a three-month period.

Whereas a year ago, a contraction of 24.4% was seen in the same quarter. Forecasts in the survey ranged from 10.5% to 31.6%, indicating considerable uncertainty about those base effects.

India’s GDP growth prospects hit a record high: Despite the dreaded second wave of the coronavirus, it saw improvement.

In the second wave of Covid, local lockdowns were imposed in states across the country and the economic momentum came to a complete halt from late April to early June.

But unlike the nationwide lockdown last year, the state-level lockdown had a less pronounced impact on the economy.

Rahul Bajoria, India’s chief economist at Barclays, said India saw a strong recovery despite the second COVID-19 wave. The economic loss was less visible than before.

If we look at the polls, this will be India’s fastest growth since the release of official quarterly data in the mid-1990s.

This is up from a sharp 1.6% jump in the previous quarter, but slightly slower than the Reserve Bank of India’s projection of 21.4%.

The second wave of the COVID-19 pandemic began in April when the economy was slowly moving forward.

DBS Bank economist Radhika Rao said the health crisis was the worst, but the economic impact was less severe than in the first wave and activity picked up rapidly.

Business remained flat in the stock markets, these companies including Reliance stopped the fall.

Bse Sensex closed flat on Thursday as well. During the trading, the major stock indices Sensex and Nifty saw a volatile start. During this both, indices opened with a negative trend.

But later they improved. By evening, Sensex closed at 55,949.10 points, up just 4.89 points from the previous closing level. The biggest gain of one percent in the Sensex was in Reliance Industries.

Apart from this, HCL Tech, Bajaj Auto, Bajaj Finance, and L&T were also among the top gainers.

On the other hand, Bharti Airtel, PowerGrid, Maruti, Titan declined. Nifty 50 also closed at 16636.90, up 2.25 points