India’s economic growth picks up in Jan-March, before huge COVID-19 wave
NEW DELHI (Reuters) – India’s economic growth picked up in the January-March quarter from the previous three months, but economists have grown pessimistic about this quarter after a huge second wave of COVID-19 infections hit the country last month.
Gross domestic product grew 1.6% in January-March compared with the same period a year earlier, mainly driven by manufacturing sector growth, data from the statistics ministry showed on Monday.
That compared with revised growth of 0.5% in the previous three months and 1.0% according to a Reuters poll of economists.
India also revised its annual GDP estimates for the fiscal year, predicting a 7.3% contraction, less than its earlier estimate of -8.0%.
A slow vaccination drive and local restrictions after a massive second wave of infections and deaths across the country have hit economic activities like retail,…