<p>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.</p>.<p><a href="https://www.deccanherald.com/union-budget-2021/economic-survey-live-updates-parliament-budget-session-nirmala-sitharaman-krishnamurthy-subramanian-indian-economy-gdp-congress-bjp-944631.html#1" target="_blank"><strong>Track live updates on the Economic Survey here</strong></a></p>.<p>With the gradual unlocking since June, there has been a V-shaped recovery, it added.</p>.<p>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.</p>.<p>India's pandemic response of an early lockdown was based on epidemiological and economic research based on the Spanish Flu.</p>.<p>"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.</p>
<p>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.</p>.<p><a href="https://www.deccanherald.com/union-budget-2021/economic-survey-live-updates-parliament-budget-session-nirmala-sitharaman-krishnamurthy-subramanian-indian-economy-gdp-congress-bjp-944631.html#1" target="_blank"><strong>Track live updates on the Economic Survey here</strong></a></p>.<p>With the gradual unlocking since June, there has been a V-shaped recovery, it added.</p>.<p>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.</p>.<p>India's pandemic response of an early lockdown was based on epidemiological and economic research based on the Spanish Flu.</p>.<p>"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.</p>