Gross Fixed Capital Formation, an indicator of investments, at Rs 11.42 lakh crore was higher compared with Rs 11.25 lakh crore in Q2, 2019-20 (pre-pandemic year), and Rs 10.29 lakh crore in Q2, 2020-21.Ī sharp jump was seen in valuables, which includes assets such as works of art, precious metals, and jewellery – those with a store value, also contributed to a higher growth rate. While private consumption, at Rs 19.48 lakh crore was 8.64 per cent higher than Rs 17.93 lakh crore in Q2 last year, it still did not reach the pre-pandemic level of Rs 20.19 lakh crore in Q2 2019-20. Government final consumption expenditure in July-September this year at Rs 3.61 lakh crore was 8.73 per cent higher than Rs 3.32 lakh crore in Q2 last year but was significantly lower than Rs 4.34 lakh crore in Q2 2019-20. It had jumped 20.1 per cent in April-June this year against a 24.4 per cent contraction in Q1, 2020-21. The economy had posted a contraction of 7.4 per cent in July-September a year ago, when it had entered technical recession after contracting for two consecutive quarters. He said seminal second-generation reforms would help the country grow over 7 per cent this decade. While higher vaccine coverage and fuel duty cuts are likely to boost confidence and spur demand, economists flagged concerns over a durable recovery once the base effect starts waning in the third quarter onward, rising higher prices, and uncertainty due the new Covid variant Omicron hurting global recovery.Ĭhief Economic Adviser K V Subramanian, however, said India is expected to log double-digit growth in 2021-22, aided by rising demand and a robust banking sector.

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