GDP grows 13.5%, fastest in a year

NEW DELHI: 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 per cent in the April-June 2022 quarter. The Indian economy grew by 20.1 per cent 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 per cent in July-September 2021, 5.4 per cent in October-December 2021 and 4.1 per cent in January-March 2022. The first quarter growth at 13.5 per cent is less than the RBI’s projection of 16.2 per cent 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 per cent as compared to 20.1 per cent 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 in 2020. It had contracted by 23.8 per cent 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 per cent to Rs 34.41 lakh crore in April-June this year. The GVA growth in the farm sector is 4.5 per cent in the first quarter compared to 2.2 per cent a year ago.

Economy likely to grow at 7-7.5 pc in FY23: The government is expecting the economy to grow at 7-7.5 per cent in 2022-23, in line with its projections made at the beginning of this financial year. India registered a growth of 8.7 per cent in 2021-22. “We remain on course to meet the 7.4 per cent. We expect to achieve. This does not really reflect on what is expected to be annual real GDP growth. So, 7-7.5 per cent in that range. 7.4 per cent is what the IMF has predicted,” Finance Secretary TV Somanathan said on Wednesday.