<h1>India's GDP to Contract by 7.7% in 2020-21; Q2 Shows V-Shaped Recovery Despite Early Decline.</h1> The National Statistics Office released the first Advance Estimates of GDP for 2020-21, predicting a 7.7% contraction in real GDP and a 4.2% contraction in nominal GDP. Despite a 15.7% contraction in the first half, quarter-on-quarter growth reached 21% from Q1 to Q2, indicating a V-shaped recovery. Government consumption increased by 5.8%, while agriculture grew by 3.4%. The electricity sector saw a 2.7% rise, but contact-sensitive services like trade and transport contracted by 21.4%. The economic recovery is attributed to a manageable pandemic situation and upcoming mass vaccination efforts, although continued caution is advised.