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Going by Q2 GDP numbers, India put up a better fight than some G20 economies

The GDP data have also shown that India is recovering better than other countries.

November 28, 2020 / 03:24 PM IST
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India's GDP numbers that came on Friday showing a contraction of 7.5 percent in the September quarter have indicated that the country has shown a sign of recovery amid the ongoing COVID-19 pandemic.

The gross domestic product (GDP) had contracted by a record 23.9 percent in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.

However, the economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 percent. As per the available data, manufacturing industry numbers have grown by 0.6 percent in Q2 as compared to a contraction of (-) 39.3 percent in Q1.

The GDP data has also shown that India is recovering better than other countries. Here is the data of GDP growth in prominent G20 economies, which show that India’s position is better:

Table: GDP Growth (%) Across Prominent G20 Economies
CountryQ1 of 2020-21Q2 of 2020-21
Japan-10.3-5.9
Spain-21.5-8.7
United Kingdom-21.5-9.6
United States-9.0-2.9
China3.24.9
India-23.9(-) 7.5
Indonesia-5.4-3.6
Mexico-18.7-8.7

A major reason behind the improved GDP data of India is the decisions taken by the central government during the initial phase of the coronavirus infection in the country, as it was among the quickest to react to the contagion at the government and institutional level.

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A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

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The decisions also helped in containing the exponential spread of the deadly disease. Although India is the world’s second worst-affected country from COVID-19, the true measure of a country’s performance is the number of cases per million.

Follow our LIVE blog for the latest updates of the novel coronavirus pandemic

As of November 28, India has 6,731 cases per million population. However, the United States has 40,000 cases per million, United Kingdom has 23,361 cases, France has 33,424 cases, Brazil has 29,129 cases and Italy has 25,456 cases.

Here are a few steps that helped India in containing exponential spread:

> Acting early

The country had a mission meeting on January 8 about the novel coronavirus infection, just a day after China notified the world about it. The screening on international travellers was started from January 17. The first COVID-19 cases reported in India on January 30.

> COVID-19 testing

To detect the infection, India was among the first countries to introduce Rapid Antigen Tests along with Reverse transcription polymerase chain reaction (RT-PCR) tests.

> Social distancing

In March, Prime Minister Narendra Modi announced that he would not join any Holi gathering since the scientific advice was to stay away from social gatherings due to coronavirus infection. At this point of time, India did not even have 50 COVID-19 cases. However, the PM’s decision conveyed the seriousness of the situation to the people.

> Face masks

In April, large part of the country had made wearing of face masks mandatory. The world Health Organization (WHO) waited till June before recommending the use of masks.

> Lockdown

India called for a complete lockdown on March 24 when the country had just about 500 COVID-19 cases. The decision changed India’s trajectory.

> Healthcare infrastructure

The lockdown was utilised to create 15,362 dedicated COVID-19 health facilities, about 15.40 lakh isolation beds, 2.70 lakh oxygen supported beds and 78,000 ICU beds.
Moneycontrol News
first published: Nov 28, 2020 02:51 pm

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