GDP grows at 8.4% in Q2: India still fastest growing large economy in world

Japan’s economy shrank by three per cent during this period, compared to 1.5 per cent growth during April-June, 2021
India was the fastest growing major economy in the world during the second quarter of the current financial year.

However, not all growth rates were taken on a year-on-year basis as is the practice in India. Most advanced economies calculate it on a quarter-on-quarter basis. While India's economy still has to recover compared to the pre-Covid economic activities at a reasonable rate, the story around the world is no different. For instance, commenting on China's growth, Fu Linghui, spokesperson for the National Bureau of Statistics, said, “Since entering the third quarter, domestic and overseas risks and challenges have increased.”

Similarly, the world's largest economy, the US, showed a growth rate of 2.1 per cent during the quarter against 6.3 per cent in the previous quarter. The UK recovery also slowed down to just 1.3 per cent during the quarter, compared to 5.5 per cent in the previous one. Japan’s economy shrank by three per cent during this period, compared to 1.5 per cent growth during April-June, 2021.  

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel