India’s economy grew by 13.5 per cent in the April-June period this fiscal—the fastest in the last four quarters —on account of better performance by the agriculture and services sectors, official data showed on Wednesday.
India remained the fastest growing major economy as China registered economic growth of 0.4% in the April-June 2022 quarter.
The Indian economy grew by 20.1% in April-June 2021-22, as per the data released by the National Statistical Office (NSO).
The gross domestic product (GDP) expanded by 8.4% in July-September 2021, 5.4% in October-December 2021, and 4.1% in January-March 2022.
The first quarter growth at 13.5% is less than the RBI’s projection of 16.2% released earlier this month.
“Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5% as compared to 20.1% in Q1 2021-22,” the NSO statement said.
The real GDP in absolute terms stood at Rs 27.03 lakh crore in the April-June quarter of 2020. It had contracted by 23.8% in the first quarter of 2020-21 on account of lockdown restrictions to curb the spread of coronavirus.
As per the data, Gross Value Added (GVA) grew by 12.7% to Rs 34.41 lakh crore in April-June this year.
The GVA growth in the farm sector is 4.5% in the first quarter compared to 2.2% a year ago.
However, the GVA growth in the manufacturing sector decelerated sharply to 4.8% during the quarter from 49% during the year-ago period.
GVA growth in mining is 6.5% in the quarter compared to 18%. The GVA in the construction sector also decelerated to 16.8% in the quarter from 71.3%.
The electricity, gas, water supply, and other utility services segment grew by 14.7% in the quarter compared to 13.8% a year ago.
GVA growth in the services sector—trade, hotel, transport, communication, and services related to broadcasting—was 25.7% during the first quarter against 34.3%.
Financial, real estate, and professional services grew by 9.2% in the first quarter over 2.3% earlier.
Public administration, defence, and other services posted 26.3% growth against 6.2%in the first quarter of last fiscal.
The NSO stated that the Nominal GDP or GDP at Current Prices in Q1 2022-23 is estimated at Rs 64.95 lakh crore against Rs 51.27 lakh crore in Q1 2021-22, showing a growth of 26.7% compared to 32.4%a year ago.