India economy seen growing at world's quickest rate despite Covid outbreak

 The economy is on track to grow 10% in the year that began April 1, according to the median of 12 estimates compiled by Bloomberg News

The Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year.
The economy is on track to grow 10% in the year that began April 1, according to the median of 12 estimates compiled by Bloomberg News. That’s after several economists downgraded their forecasts in recent weeks to factor in local curbs on activity, including in India’s political and commercial hubs.

But the downgrades are a message to not take the economy’s recovery for granted. Economists say the relaxation of restrictions across states will determine the strength of the rebound, while the willingness of consumers to spend -- as they did last year when lockdown curbs were lifted -- will also be key.
It was pent-up demand for everything from mobile phones to cars that spurred consumption in Asia’s third-largest economy when it reopened last year after one of the strictest lockdowns that lasted more than two months. Data due later Monday will probably show gross domestic product grew 1% in the three months ended March, making it the second straight quarter of expansion since India exited a rare recession.
What Bloomberg Economics Says...
“Widening state-level lockdowns over the last month now pose significant downside risks to our latest growth forecast.”