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Economy Update – Reflections and Outlook 2021

The Indian economy showed signs of recovery in the second quarter when the contraction narrowed from historic 23.9 per cent in Q1 to 7.5 per cent in Q2. Launch of the ‘Aatma Nirbhar Bharat Abhiyaan’ special economic package of 20 lakh crore (10 per cent of Indian GDP) came at the right time to revive economy. India has attracted more investments by easing administrative regulations for foreign investors and opening the economy for foreign companies in sectors such as defense, telecommunication and private security, among others.