India’s economy grew by 20.1% from April to June 2021 as businesses bounce back strongly from a 24.4% decline during the same period last year. The massive growth seen in the first quarter has made India the fastest-growing major economy across the globe according to the International Monetary Fund. India’s GDP at constant prices (2011-12) in the first quarter stood at ₹32.38 lakh crore, this is lower than the ₹35.66 lakh crore seen in the first quarter of 2019-20, indicating that the country is yet to emerge from the effects of the pandemic. The forecast published in IMF’s World Economic Outlook pegs India as re-emerging as the fastest growing large economy in the world. It is expected to be the only major world economy to clock in double digit growth rate in FY22, China comes a close second with a forecast of 8.4% economic expansion.
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