Reuters, New Delhi :
The contraction of the Indian economy eased off in the three months to September amid signs of a pick up in manufacturing, and economists expect a steady recovery next year if progress on coronavirus vaccines feeds consumer demand.
Prime Minister Narendra Modi, whose party won elections this month in the eastern state of Bihar, expects the recent easing of farm and labour laws, along with tax incentives, to bolster manufacturing and lure more foreign investment.
India’s gross domestic product in July-September quarter contracted 7.5% on year, data released by the National Statistical Office on Friday showed, compared to a decline of 23.9% in the previous three months.
