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“The sharp recovery of GDP in Q2, the bowstring effect, was a welcome surprise.
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3%. India’s economy contracted by 23.9% in the first quarter of the current fiscal on the account of the impact of the COVID-19 pandemic. The contraction narrowed to 7.5% in the second quarter. <span>“The sharp recovery of GDP in Q2, the bowstring effect, was a welcome surprise. We have accordingly revised our forecast of annual contraction to (-) 7.3%. The revised growth forecasts for Q3 and Q4 are 0.1% and 2% respectively,” the NCAER said in its mid-year econ


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