India’s economy grows by 8.4% amid signs of recovery

Nov 30, 2021, 6:26 AM | Updated: Dec 1, 2021, 1:09 am
An Indian laborer works at a flyover construction site in Jammu, India, Tuesday, Nov. 30, 2021. Ind...

An Indian laborer works at a flyover construction site in Jammu, India, Tuesday, Nov. 30, 2021. India’s economy grew by 8.4% in the July-September quarter from the same period a year earlier, the government announced Tuesday, raising hopes of a recovery after the country suffered historic contractions sparked by the coronavirus pandemic. (AP Photo/Channi Anand)

(AP Photo/Channi Anand)

NEW DELHI (AP) — 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.

Sectors like agriculture and mining performed well and helped lead the growth seen in the July-September quarter, experts said.

The economy expanded at a 20.1% pace in the April-June quarter, the fastest growth since India began publishing GDP figures in 1996. But economists cautioned that the rise was calculated from 2020’s smaller base, when the economy shrank by 24.4% in April-June, pulling the country into a recession.

A country enters a technical recession if its economy contracts for two successive quarters.

In 2020-21, India’s growth contracted by 7.3%, worsening from a slowdown that slashed growth to 4% from 8% in the two years before the pandemic hit.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

A police car patrols the street as residents gather nearby, Tuesday, May 31, 2022, in Shanghai. Hac...
Associated Press

Alleged Chinese police database hack leaks data of 1 billion

HONG KONG (AP) — Hackers claim to have obtained a trove of data on 1 billion Chinese from a Shanghai police database in a leak that, if confirmed, could be one of the largest data breaches in history. In a post on the online hacking forum Breach Forums last week, someone using the handle “ChinaDan” […]
5 hours ago
CORRECTS TO A LAKE FOREST POLICE OFFICER, INSTEAD OF LAKE COUNTY A Lake Forest, Ill., police office...
Associated Press

July 4 parade shooting leaves 6 dead, 30 hurt; man detained

HIGHLAND PARK, Ill. (AP) — A shooter fired on an Independence Day parade from a rooftop in suburban Chicago, spraying the crowd with gunshots initially mistaken for fireworks before hundreds of panicked revelers of all ages fled in terror. At least six people were killed and at least 30 wounded. An hourslong manhunt during which […]
5 hours ago
Exterior of the Packard Plant on Detroit's east side, Thursday, June 30, 2022. The factory built in...
Associated Press

Detroit targets old industry sites to improve neighborhoods

DETROIT (AP) — One of the first things 84-year-old Mahalie Wilson sees when she steps out of her home on Detroit’s east side is the brick, steel and concrete skeleton of the long-vacant Packard plant that looms over the neighborhood. Built in the early 1900s and still churning out high-end cars into the 1950s, the […]
5 hours ago
FILE - Russian President Vladimir Putin, left, listens to Russian Defense Minister Sergei Shoigu's ...
Associated Press

Ukraine town warned to evacuate ahead of Russian assault

KRAMATORSK, Ukraine (AP) — A day after Russian President Vladimir Putin declared victory in seizing an eastern Ukraine province essential to his wartime aims, the mayor of a city in the path of Moscow’s offensive warned residents Tuesday to evacuate ahead of an expected assault. The warning from the mayor of Sloviansk underscored fears that […]
5 hours ago
Associated Press

Millennial Money: What if you can’t ‘out-budget’ inflation?

Inflation is a nightmare for the many Americans who already stretch their dollars to cover basic needs. What happens when those dollars lose value? Their choice is probably not about whether to cut streaming services or opt for store-brand groceries. Instead, they may have to pick between buying enough food and paying rent. The families […]
5 hours ago
FILE - SAS planes are grounded at Oslo Gardermoen airport during pilots strikes, in Oslo, Friday, A...
Associated Press

Carrier SAS files for Chapter 11 bankruptcy protection in US

COPENHAGEN, Denmark (AP) — Scandinavian Airlines on Tuesday filed for bankruptcy in the United States, warning a walkout by 1,000 pilots a day earlier had put the future of the carrier at risk. The move adds to the likelihood of travel chaos across Europe as the summer vacation period begins. The Stockholm-based group said it […]
5 hours ago

Sponsored Articles

(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
...
Day & Night Air

Tips to lower your energy bill in the Arizona heat

Does your summer electric bill make you groan? Are you looking for effective ways to reduce your bill?
...
Arizona Division of Problem Gambling

Arizona Division of Problem Gambling provides exclusion solution for young sports bettors

Sports betting in Arizona opened a new world to young adults, one where putting down money on games was as easy as sending a text message.
India’s economy grows by 8.4% amid signs of recovery