Reuters Poll: India's GDP growth likely touched a record in April-June

“Indian economic growth likely touched a record high in the quarter through June, reflecting a very weak base last year and a rebound in consumer spending,” a Reuters poll of 41 analysts said early Thursday.

Although a range between 10.5% and 31.6% was established after the survey, a jump of 20% during Q3 2020 versus a record contraction of 24.4% in the same quarter a year earlier, could be termed as a conclusion.

The poll also quotes Barclays’ Rahul Bajoria, Chief India Economist as saying "India's second COVID-19 wave acted as a stumbling block to the robust recovery that was underway. Still, the economic damage appears to be less than previously expected."

Key quotes (from Reuters)

The rebound came despite the drag from the deadly second wave of the coronavirus, which forced states across India to reimpose localized lockdowns and stop mobility completely from late April to early June.

But unlike during the nationwide lockdown last year, repeat state-level lockdowns had a less pronounced impact on the economy as they left more room for consumers to spend.

The second wave of the COVID-19 pandemic began in April just as the economy was beginning to rally from a lull at the start of the year, throwing the recovery off course, although not as much as many feared.

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