"Not A V-shaped Recovery Yet, Economic Sectors Still Crippled": P Chidambaram

With India's GDP growth at 8.4 percent in the second quarter of 2021-22, senior Congress leader P Chidambaram on Tuesday said it was not yet a V-shaped recovery and there are sectors of the economy that are still "crippled".

"Let us extend a cautious welcome. It is NOT yet a ''V'' shaped recovery. The fine print will bear that out," the former finance minister tweeted. India's GDP growth slowed to 8.4 percent in the second quarter of 2021-22, mainly due to waning low base effect, but the economy has surpassed the pre-COVID level, official data showed on Tuesday.

"In 2021-22, GDP growth in Q1 was 20.1 percent on a previous year's Q1 growth of -24.4 percent. In Q2, the growth is reported as 8.4 percent on a previous year's Q2 growth of -7.4 percent," Chidambaram noted. There are sectors of the economy that are still "crippled" and need help and time to recover, he said.