A comparison of the quarter ended March 2021 with the quarter ended March 2020 provides a view of how India dealt with the Covid-19 shock. The quarter ended March 2020 reflects the position before the shock and the quarter ended March 2021 was the position at the end of a year since the shock. Using quarterly data removes the noise in monthly data, if any, and making year-on-year comparisons removes the effects of seasonality, if any.
One problem with using the March 2020 quarter as a pre-Covid quarter is that it wasn’t entirely free of the effects of Covid. The
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