India's GDP growth contracted by 7.5% YoY in Q2 FY21 (Bloomberg consensus: -8.2%; YBL estimate: -9.5%) from -23.9% in Q1 FY21. Correspondingly, Q2 FY21 GVA growth contracted by 7.0% after posting a contraction of 22.8% in Q1 FY21. With two consecutive negative growth prints, India has entered into its first ever technical recession.
After registering the lowest annualized growth in Q1 FY21 when nationwide lockdown was imposed, India has shown a remarkable rebound in Q2 FY21. Even on a global scale, India's growth performance has been better than UK (-9.6%) and Mexico (-8.6%) so far.
YES Securities - Q2 FY21 GDP - 20201201