India's implementation of a stringent and early lockdown from late-March to May to curb the spread of coronavirus led to a V-shaped recovery. With the economy at a near standstill for two months, there was a 23.9 per cent contraction in year-on-year GDP for the quarter, the Economic Survey of India for 2020-2021 showed.
With the gradual unlocking since June, there has been a V-shaped recovery, it added.
There has been a 7.5 per cent decline year-on-year in the second quarter and the recovery was witnessed across all key economic indicators.
India's pandemic response of an early lockdown was based on epidemiological and economic research based on the Spanish Flu.
"The lockdown provided a win-win strategy to save lives, and preserve livelihoods via economic recovery in the medium to long-term," the Economic Survey document read.
(Published 29 January 2021, 09:48 IST)
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