Economic activity in India is on the ‘verge of normality’ after being severely hit by the pandemic, according to Japanese brokerage Nomura which recently said the country’s gross domestic product (GDP) will grow at 13.5 per cent in fiscal 2021-22. Nomura’s estimates are higher than the growth rate pegged by the Reserve Bank of India (RBI). RBI expects GDP to jump by 10.5 per cent in 2021-22, after contracting by 7.7 per cent in 2020-21.