BUSINESS

“Not A V-Shaped Recovery Yet, Sectors Of Economy Still ‘Crippled'”: P Chidambaram


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'Not A V-shaped Recovery Yet, Economic Sectors Still Crippled': P Chidambaram

Former Finance Minister and Senior Congress Leader P Chidambaram

With India’s GDP progress at 8.4 p.c within the second quarter of 2021-22, senior Congress chief P Chidambaram on Tuesday stated it was not but a V-shaped restoration and there are sectors of the economic system which might be nonetheless “crippled”.

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“Let us extend a cautious welcome. It is NOT yet a ”V” shaped recovery. The fine print will bear that out,” the previous finance minister tweeted. India’s GDP progress slowed to eight.4 p.c within the second quarter of 2021-22, primarily as a consequence of waning low base impact, however the economic system has surpassed the pre-COVID degree, official knowledge confirmed on Tuesday.

“In 2021-22, GDP growth in Q1 was 20.1 percent on a previous year’s Q1 growth of -24.4 percent. In Q2, the growth is reported as 8.4 percent on a previous year’s Q2 growth of -7.4 percent,” Chidambaram famous. There are sectors of the economic system which might be nonetheless “crippled” and need assistance and time to get better, he stated. 


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