As per the Finance Ministry's latest Monthly Economic Review, it is stated that the Indian economy is witnessing a V-shaped recovery as the Gross Domestic Product (GDP) has recorded a quarter-on-quarter growth of 23 percent in the July-September quarter of this fiscal,

 “The year-on-year GDP contraction of 7.5 percent in the second quarter of 2020-21 underscores a quarter-on-quarter surge in GDP growth of 23 percent. This V-shaped recovery, evident at the half-way stage of 2020-21, reflects the resilience and robustness of the Indian economy,” the report said.

The finance ministry added that the fundamentals of the economy remain strong as gradual scaling back of lockdowns, along with the support of the Atmanirbhar Bharat Mission, has placed the economy firmly on the path to recovery. The report added that the “resilient V-shaped recovery” in the second quarter of 2020-21 indicates the resumption of economic activity has been gathering momentum.

It also pointed out that there is a downside risk of the spread of a 2nd wave of Covid-19, but said there is growing optimism that the Indian economy will not see the sharp contraction of 23.9 percent seen in the April-June quarter.

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