Although India’s GDP in the first quarter of 2021-22 has grown by more than 20%, India is far from any recovery. In the pre-COVID years, between 2011-12 and 2018-19, India averaged a 5.3% GDP growth in the June quarter. That is the ‘trend’ growth path. Right now, per capita real GDP is 20% lower than what it should have been. It will take a long-time for India to return to that path of economic growth.