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India’s V-shaped recovery more hype than boom

Few economies have pivoted from zero to hero with the head-turning speed that Narendra Modi’s India just did.

Six weeks ago, the India of the outside world’s imagination was a Covid-19-ravaged shambles. Now, it’s booming to the tune of 20.1% growth. That’s the rate at which India’s gross domestic product grew from April to June year on year.

That impressive figure was no typo. But it’s also not the V-shaped recovery it may appear to be.

For one thing, India still remains underwater relative to where it was in pre-pandemic 2019. For another, there’s a number that matters far more: 2,657.