GDP growth in the June quarter was 13.5%, compared to 4.1% in the previous quarter. GDP growth in the June quarter was 13.5%, it was 4.1% from the previous quarter

GDP growth in the June quarter was 13.5%, compared to 4.1% in the previous quarter. GDP growth in the June quarter was 13.5%, it was 4.1% from the previous quarter
GDP growth in the June quarter was 13.5%, compared to 4.1% in the previous quarter. GDP growth in the June quarter was 13.5%, it was 4.1% from the previous quarter
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  • GDP Growth In The June Quarter Was 13.5%, It Was 4.1% From The Previous Quarter

New Delhi18 hours ago

The government on Wednesday released the Gross Domestic Product (GDP) figures for the April-June quarter (June quarter) of 2022-23. According to the data released by the Ministry of Statistical and Program Implementation (MoSPI), GDP growth in the June quarter stood at 13.5%.

It was 20.1% in the same quarter last year. The country’s growth rate was much better than the previous ie January-March quarter. The GDP growth rate in the last quarter was 4.1%. GVA growth (YoY) declined to 12.7% from 18.1% in the June quarter.

condition of major sectors

Sector Q1FY23 Q1FY22
Services 17.6% 10.5%
manufacturing 4.8% 49%
Agriculture 4.5% 2.2%
Trade Hotels 25.7% 34.3%
mining 6.5% 18%
power and gas 14.7% 13.8%
construction 16.8% 71.3%

7.2% growth forecast for the current financial year
RBI had said in its monetary policy meeting earlier this month that the GDP growth rate is likely to be around 16.2% in the first quarter of the current financial year. RBI retained the real GDP growth forecast for FY23 at 7.2%.

What is GDP?
GDP is one of the most common indicators used to track the health of the economy. GDP represents the value of all goods and services produced within a country over a specific time period. In this, foreign companies that produce within the country’s borders are also included. When the economy is healthy, unemployment levels are usually low.

There are two types of GDP
There are two types of GDP. Real GDP and Nominal GDP. In real GDP, the value of goods and services is calculated at the base year value or stable price. Currently, the base year for calculating GDP is 2011-12. That is, the calculation according to the rates of goods and services in 2011-12. Whereas nominal GDP is calculated on the current price.

How is GDP calculated?
A formula is used to calculate GDP. GDP=C+G+I+NX, here C means private consumption, G means government spending, I means investment and NX means net export.

Who is responsible for the variation in GDP?
There are four important engines to reduce or increase GDP. The first is you and me. The amount you spend contributes to our economy. The second is the business growth of the private sector. It contributes 32% to GDP. The third is government spending.

It means how much the government is spending in producing goods and services. It contributes 11% to GDP. And the fourth is note demand. For this, India’s total exports are subtracted from the total imports, because India has more imports than exports, so its impact is negative on GPD.

What is GVA?
Gross Value Added (GVA) refers to the total output and income of an economy. It tells how many rupees of goods and services were produced in a given period after taking into account the input cost and raw material price. It also shows how much production has been done in a particular sector, industry or sector.

Simply put, the GVA, in addition to describing the overall health of the economy, also reveals which sectors are struggling and which are leading the recovery. From the perspective of national accounting, the figure obtained after deducting subsidies and taxes in GDP at the macro level is GVA.

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The article is in Hindi

Tags: GDP growth June quarter compared previous quarter GDP growth June quarter previous quarter

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