Delhi: India’s economy has grown by 13.5 percent in the first quarter of the current financial year, according to the National Bureau of Statistics.
In the first quarter of the current financial year (2022-2023) from April to June, the Indian economy grew by 13.5 percent. The Office for National Statistics reported this information. Official data has attributed this growth to the fastest growing agriculture and services sectors in the last four quarters.
According to data released by the National Statistics Office (NSO), the Indian economy grew by 20.1% in April-June 2021-22. 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.
Growth of 13.5% in the first quarter was lower than the RBI’s forecast of 16.2% released earlier this month. “Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices is estimated to be 36.85 trillion in the first quarter of 2022-23, up from Rs. 32.46 trillion, showing a growth of 135. % compared to 20.1% in the first quarter of 2021-22,” the NSO report said.
Real GDP in the April-June quarter of 2020 was Rs. 27.03 trillion. It fell by 23.8% in the first quarter of 2020-21 due to lockdown restrictions to prevent the spread of the coronavirus. According to the data, gross value added (GVA) rose 12.7% to Rs 34.41 trillion in April-June this year.
GVA growth in the agriculture sector stood at 4.5% in the first quarter, up from 2.2% a year ago. However, GVA growth in the manufacturing sector slowed to 4.8% from 49% in the quarter.
GVA growth in mining was 6.5% in the quarter compared to 18%. GVA in the construction sector declined to 16.8% from 71.3% in the quarter.
The electricity, gas, water supply and other utility services segment grew by 14.7% in the quarter as against 13.8% a year ago.
GVA growth in the services sector — services related to trade, hotels, transport, communication and broadcasting — was 25.7% against 34.3% in the first quarter.
Financial, real estate and professional services grew 9.2% in the first quarter from 2.3% previously.
Public administration, defense and other services registered a growth of 26.3% from 6.2% in the first quarter of last fiscal.
Nominal GDP at current prices in Q1 2022-23 or GDP in Q1 2021-22 at Rs. 51.27 trillion against Rs. 64.95 trillion, showing a growth of 26.7% compared to 32.4% a year ago.
This makes India a fast growing economy. In the first quarter, the country’s real GDP is estimated to reach Rs 36 lakh 85 thousand crore. In the first quarter of the last financial year, the GDP stood at Rs 32 lakh 46 thousand crore. In comparison, the Office for National Statistics said there has been a growth of 13.5 percent.