The Indian economy is yet again at a crossroads. The country’s second wave of COVID-19 had repercussions across the economy and on people’s personal lives and mental spaces, and it laid bare the widening gap between rich and poor. The figures now reveal that such inequalities are impacting the medium and long-term growth prospects of the economy. After a growth rate of -7.3 per cent in 2020–21, the economy showed signs of revival in the first two quarters of 2021–22 with growth rates of 20.1 per cent and 8.4 per cent. While this revival is largely due to to a lowered GDP base created by the lockdown of the economy, the drivers of growth have largely been the industrial revival with mining and metallic minerals showing double digit growth rates.
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- India