The Indian economy has surprised analysts and investors alike with its smart recovery from the severe lockdown during the first quarter of 2020-21. Growth that bounced back from -23.9 per cent in the first quarter to -7.5 per cent now seems poised to return to the positive zone in the third quarter.
The smartest recovery is in corporate profits, in the second and third quarters. Many supply-side fast frequency indicators — such as crop production, power generation, freight movement and GST collections — provide evidence of a continuation of the recovery story into the third quarter of fiscal 2020-21. On
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