Covid takes away at least two years of India’s growth, GDP still below pre-pandemic levels

India’s GDP in Q1 FY22 (Rs 32.38 lakh crore) is nearly nine per cent below the Q1 FY20 level (Rs 35.67 lakh crore).

India’s Gross Domestic Product (GDP) in the quarter ending June 2021 grew by a whopping 20.1 per cent on-year, riding on a low base. Amid the business shutdown and strict restrictions on movement, India’s economy had nosedived by 24.4 per cent in the first quarter of last fiscal. Though the growth percentage looks large, India would need some more time to recover from the devastation caused by the pandemic. That too, when the country was already reeling under stress since 2018. Despite a record jump, India’s Q1 FY22 real GDP was well below the pre-pandemic level of Q1 FY20. India’s GDP in Q1 FY22 (Rs 32.38 lakh crore) is nearly nine per cent below the Q1 FY20 level (Rs 35.67 lakh crore). This shows how the pandemic took away at least two years of India’s economic growth.