India was the fastest growing major economy in the world during the second quarter of the current financial year.

However, not all growth rates were taken on a year-on-year basis as is the practice in India. Most advanced economies calculate it on a quarter-on-quarter basis. While India’s economy still has to recover compared to the pre-Covid economic activities at a reasonable rate, the story around the world is no different. For instance, commenting on China’s growth, Fu Linghui, spokesperson for the National Bureau of Statistics, said, “Since entering the third quarter, domestic and overseas risks and challenges have increased.”

Similarly, the world’s largest economy, the US, showed a growth rate of 2.1 per cent during the quarter against 6.3 per cent in the previous quarter. The UK recovery also slowed down to just 1.3 per cent during the quarter, compared to 5.5 per cent in the previous one. Japan’s economy shrank by three per cent during this period, compared to 1.5 per cent growth during April-June, 2021.