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Real gross domestic product/gross value added grew 0.4%/1% YoY in Q3 FY21 (versus our forecast of -0.7%/-0.5% and market consensus of 0.5%/0.7%).
Notably, real GDP growth in Q3 FY20 was revised downward to 3.3% YoY from 4.1%. Without this revision, real GDP growth would have come in at down 0.6% YoY in Q3 FY21, similar to our forecast.
With this, India has officially emerged from a technical recession in Q3 FY21.
Growth in real GDP was largely attributable to a 2.1% YoY growth in gross fixed capital. The latter contributed 0.7% to overall GDP.
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