Economic recovery to begin again in next quarter: S&P SECTIONS Share Synopsis The upward trend in the shape of India’s recovery seen over the last two quarters from October to March would be punctuated by a dip in the first quarter of the current fiscal year “where economic activity has a decent chance of contracting,” Vishrut Rana, Asia Pacific economist at the global rating agency, said in a virtual conference on Friday. S&P Global Ratings has said it expects India’s economic recovery to begin to take hold once again in the next quarter after a dip during April-June as the country would be past the peak of the resurgence in Covid-19 cases.