The Indian economy is undergoing a “V-shaped recovery” and the world is watching the same in surprise, said Union Home Minister Amit Shah on Thursday.
Shah said the Covid-19 vaccination drive is progressing well and once everyone is vaccinated, “we will attain victory over the pandemic”.
He made the comment while joining through video-conference the inauguration of a four-lane over-bridge in Shilaj here by Gujarat Deputy Chief Minister Nitin Patel.
“Economies of all countries in the world were affected due to the Covid-19. But, the world is surprised and watching the V-shaped recovery of the Indian economy,” Shah said.
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The GDP contracted by 23.9 per cent in the June 2020 quarter due to the lockdown, and the contraction narrowed down to 7.5 per cent in the September quarter as compared to the same in the year-ago period, as the unlock process began.
The demand situation has shown further improvement in the December quarter which witnessed the festivities, with several high-frequency indicators illustrating the same. The government expects the GDP to close FY21 with a contraction of 7.7 per cent.