India Recorded a 20.1% YoY Growth Last Quarter on a Recovery From Covid-19

Source: WSJ

India’s GDP grew 20.1% in the quarter ended June from the previous year to mark a rebound from the Covid-19 driven recession of about 24% last year. BSE Sensex is up + 0.9%, USDINR is up +0.07% 

• India’s economic activities picked up from June when Covid-19 cases dropped to below 50,000 per day.
• Consumer confidence also went up by 1.4% in June after dropping 6.3% and 1.1% in May and April, respectively.  
• The International Monetary Fund foresees that India’s economic growth will be at about 8.5% up to 2023 with the widespread unemployment and the effects of the pandemic.  
• The IMF downgraded the Asian country’s growth forecast to 9.5%, from 12.5% in July for the year ending March 2022.