The country’s economy, which contracted in the first two quarters of the current fiscal, has started recovering at a gradual pace, former deputy chairman of erstwhile Planning Commission Montek Singh Ahluwalia said on Sunday.
The economy contracted by a massive 23.9 per cent in the first quarter and 7.5 per cent in the second quarter on account of the COVID-19 pandemic. “We had jumped off a cliff in the first quarter of this financial year because of the lockdown, which was necessitated by the pandemic. The economy is now climbing back. I think it’s a gradual recovery but it is a clear recovery,” Ahluwalia said at a virtual event.