India’s economy reported a sharp rebound at 20.1 per cent in Q1 FY22 over a low base of (-) 24.4 per cent last year. Exports and investment demand led to the uptick. Consumption is recovering at a slower pace and is likely to do so in the near term as well. Construction and manufacturing are the GVA growth drivers and will continue to do well in the near term. Contact intensive trade, hotels category is expected to rebound with a lag.