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Economy

India's GDP expands 8.4% in July-Sept. as COVID recedes

Vaccine rollout and eased restrictions aid recovery but omicron looms

People shop at a crowded market in Mumbai on Oct. 28, ahead of a Hindu festival as COVID restrictions have eased.   © Reuters

NEW DELHI -- India's economy grew 8.4% in the July to September quarter as the recovery gained momentum, aided by a sharp drop in COVID-19 infections, a stepped-up vaccination drive and the easing of pandemic restrictions, official data released on Tuesday showed.

This is in line with a Reuters poll of 44 economists ahead of the data release, which had put the median year-on-year growth forecast at 8.4% for the three months through September -- the second quarter of the financial year that began in April. In the previous quarter, India's gross domestic product ballooned 20.1%, mainly owing to the low base in April to June 2020, when the economy shrank by an unprecedented 24.4% as India imposed one of the world's strictest lockdowns.

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