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India’s Q2 GDP at 8.4%, economy at pre-COVID levels

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India’s Q2 GDP at 8.4%, economy at pre-COVID levels

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India’s Q2 GDP growth came in at 8.4 percent. That's half a percentage point better than the RBI expectation of 7.9 percent. This brings the Indian economy back to pre-COVID levels in terms of size of output. CNBC-TV18 spoke to economist Pronab Sen, former Chief Statistician, Dr Sudipto Mundle, senior adviser, NCAER, Soumya Kanti Ghosh, group chief economic advisor, SBI, and Abhishek Upadhyay, senior economist, ICICI Securities PD, on the way forward and key takeaways.

India’s second-quarter (Q2) gross domestic product (GDP) growth came in at 8.4 percent. The pace of growth is half a percentage point better than the RBI expectation of 7.9 percent. It also brings India’s aggregate GDP output to Rs 35.73 lakh crore, which is slightly higher than the Rs 35.66 lakh crore of output seen in Q2 2019-20. This means the Indian economy is back to pre-COVID levels in terms of size of output.

However, sectoral contributions are different. Agriculture has grown the best along with the government sector, which is the public administration. However, the services sector is still smaller than what it was in Q2 two years ago.
To discuss the prospects of growth from hereon and the key takeaways from the Q2 GDP, CNBC-TV18 spoke to eminent economist Pronab Sen, former Chief Statistician, Dr Sudipto Mundle, senior adviser, NCAER, Soumya Kanti Ghosh, group chief economic advisor, SBI, and Abhishek Upadhyay, senior economist, ICICI Securities PD.
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