Media and pundits are celebrating India's so-called economic 'recovery', after the release of the latest GDP numbers which show that our economy grew at the highest pace in 22 years.
Media and pundits are celebrating India's so-called economic 'recovery', after the release of the latest GDP numbers which show that our economy grew at the highest pace in 22 years. But what they don't tell you is that this growth is on a negative base, after COVID-19 caused a recession in 2020-21. In real terms, India's GDP has grown just 1.5% from the pre-COVID period. In terms of per-capita consumption, we are still more than 2% below our pre-Covid levels. This means that India's economic recovery is just a mirage.