The Indian economy bounced back in the second quarter of fiscal 2019-20 from the deep chasm of the lockdown-infested first quarter. The inflation-adjusted gross domestic product (GDP) in the quarter ended September 2020 was 23.2 per cent higher than its level in the June 2020 quarter. It had fallen by 29.3 per cent by a similar comparison in the earlier, June 2020 quarter. The magnitude of this fall is extraordinary.
Usually, in the June quarter, the GDP shrinks by about 3-4 per cent compared to the previous quarter. This is because there is seasonality in the GDP series. An interesting observation in this seasonal GDP series is that post 2013 the peak quarter shifted from December to March. However, the
