India's gross domestic product (GDP) surged 20.1% in the April-June quater of FY22, it's best-ever fiscal-quarter numbers, according to the deta released by the government's statistics office on Tuesday.
"GDP at constant (2011-12) Prices in Q1 of 2021-22 estimated at ₹32.38 lakh crore, against ₹26.95 lakh crore in Q1 of 2020-21,
Showing a growth of 20.1 percent as compared to a contraction of 24.4 percent in Q1 2920-21," the deta from MoSPI stated.
This is fastest growth since the mid-1990s when official quarterly data was available, and
Up sharply from 1.6% in the previous quarter and from a record contraction of 24.4% in the same quarter a year earlier.
The growth in the current quarter is mainly on low-base effect.
Maybe India can take some of the outflows of capital and jobs from China as they are starting to show their ugly side. Then again, Covid created a huge economic dropoff in the short term as many countries came to a near standstill, so it could simply be a recovery back to the normal yearly average. Either way, if India is able to clean up it's big cities and help pull the poorest into a middle class it really has a lot going for it. With such a huge population it has the ability to rival India for prices, but that'll require some keen planning by the government and they need to crack down on criminal elements who might be ruining the good name of the country with things like phone scams.