V-shaped recovery

V-shaped recovery is the term used to describe the period of economic decline (recession) and recovery that resembles shape of the alphabet V. It depicts the short-term recession and a rapid recovery of the economy.
According to the latest Monthly Economic Review by the Union Finance Ministry, Indian economy witnessed V-shaped recovery in the first quarter of the current fiscal despite the second wave of the COVID-19 pandemic. The economy grew by 20.1 per cent in the first quarter, showing the resilience of India?s macroeconomic fundamentals. During the first quarter of the previous fiscal, the economic growth dropped by 24.4 per cent because of the pandemic.