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India witnessed a moderation in economic contraction in the July-September quarter, compared to the previous one. As data for the first two quarters have been released, it is worthwhile to take a look at how the economy performed in the first half (H1) of financial year FY21.
The Covid-19 pandemic chipped away nearly one-sixth of India’s real output in H1, as chart 1 shows. Only a few other economies such as the UK and Mexico faced a jolt this strong. Although we attribute the current economic situation to Covid-19, it is important to remember that the slump began as early as
