India's exits recession, GDP grows by 0.4%

New Delhi, Feb. 26 -- India has officially exited the technical recession phase that was brought about by the Covid-19 pandemic. Accordingly, official data on Friday showed that the country's Q3FY21 GDP grew by 0.4 per cent. Though not comparable, the GDP had grown by 3.3 per cent in the corresponding quarter of FY2019-20.

India had entered technical recession after its GDP consistently remained in the negative output territory for two subsequent quarters. Notably, the Q2FY21 GDP on a year-on-year basis had contracted by 7.3 per cent from (-)24.4 per cent in the preceding quarter.

The economy was hit hard last year by the lockdown imposed to curb the spread of Covid-19. As such, mobility restrictions mandated under the lockdown led to the...