Economic recovery has gained momentum after the lifting of the localised lockdowns imposed in the consequences of the second wave, but is "incomplete", as per a report by rating agency ICRA.

The Indian economy will grow in double digits for the April-June period on the low base of 2020-21 but will still be short of the levels observed in the first quarter of FY20, it said. "...the real GDP in Q1FY22 will trail the Q1FY20 level, while recording a double-digit year-on-year expansion," it said. The nationwide lockdown had resulted in a 23.7 percent contraction in the GDP in the June quarter of FY20 and was also one of the prime reasons for the 7.3 percent contraction in FY21. The agency said phased lifting of state-wise restrictions has ushered in a recovery in the economic momentum but the performance of most high-frequency indicators in June 2021 remained below the pre-COVID-19 levels of June 2019 and also before the peak of the second wave in April 2021

 Its Chief Economist Aditi Nayar said the year-on-year performance of 13 of the 15 high-frequency indicators expectedly flattened in June 2021, relative to May 2021 and several indicators recorded a sequential improvement in June 2021, as the states started lifting restrictions with the subsiding of the second wave of Covid.

Fitch Ratings downgrades India growth forecast to 10 pc from 12.8 pc

Ahead of Cabinet Reshuffle, Randeep Singh Surjewala calls out Modi govt over fuel prices

Second Covid hits Household debt 37.3 percent of GDP in FY21: SBI Report