Of the three broad categories, it was the only sector that contracted during Q2 of FY22 over the corresponding period of FY20. It is largely the services sector, which constitutes 57 per cent of the economy, that applied the brakes on growth. But it contracted 4.4 per cent compared to the pre-Covid period.Ĭhief Economic Advisor Krishamurthy Subramanian said India was likely to have double-digit growth this fiscal year. With this, the economy expanded 13.7 per cent during the first half this fiscal year. The economy, while growing 20.1 per cent year-on-year in Q1, had contracted 9.2 per cent against the corresponding pre-Covid period of FY20.
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