India's economy grows by 8.4% amid signs of recovery
ABC News
India has reported that its economy grew at an 8.4% annual pace in the July-September quarter in the latest sign of an economic recovery in Asia's third-largest economy
NEW DELHI -- India's economy grew at an 8.4% annual pace in the July-September quarter in the latest sign of an economic recovery in Asia’s third-largest economy, the government reported Tuesday.
India suffered one of the biggest setbacks of any major economy in the last fiscal year.
In the same quarter a year before, the economy contracted by 7.4%, badly hit by rising COVID-19 cases and a stringent nationwide lockdown, with restrictions lasting months that dealt a huge blow to economic activity.
After a devastating surge in virus cases stoked by the delta variant earlier this year, the situation has improved in recent months. Daily cases have sunk to about 10,000 after breaching 400,000 in May. The pace of vaccinations has picked up, instilling confidence in reopening businesses and industries. Streets and markets across the country are now abuzz with activity.
