The country already embarked on its mass vaccination drive from 16 January 2021 onwards
According to GlobalData, with rising demand for goods and services and revival of key economic sectors amid the declining rates of COVID-19 cases, India’s GDP growth rate is forecasted to witness a V-shaped recovery with 9.72% growth in 2021.
From mid-September 2020, the COVID-19 cases exhibited a declining trend with a recovery rate of 96.5% and a fatality rate of just 1.4% of the total cases.
The data states that India’s economy will be the fastest-growing economy with a 9.72% growth rate compared to other major economies such as China (8.65%), France (6.23%), the UK (5.46%), and the US (3.96%) in 2021.
At the same time, India’s Index of Industrial Production, which contracted from March to August 2020, exhibited growth from September 2020 onwards.
We’ve reported that while 1 in 2 of the richest 20% of India’s households use e-payments, up to 1 in 4 of the poorest 40% also use them.