The Indian economy rose 19-20 per cent in the first quarter this fiscal. The total-year gross domestic product (GDP) is estimated to grow 7.9-9.6 per cent. The Reserve Bank of India (RBI) is expecting 21.4 per cent GDP growth in the first quarter and 9.5 per cent in the entire fiscal. India’s GDP increased 1.6 per cent in the previous quarter though declined by 7.3 per cent in FY21. India’s items exports rose nearly 50 per cent on-year to a file of $35.43 billion in July.

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Whereas year-on-year growth increased in the first quarter and was entirely weak-base shifted, economists told GDP may drop by around 5 per cent from the previous quarter. Economists also said the GDP information launch on August 31 would show the extent of the 2nd wave’s effect. HDFC Financial institution economist Sakshi Gupta said the exercise will drop in Q1 due to the second wave of covid-19.