New Delhi: India’s economy continued to expand in the July-September quarter, marking the fourth consecutive quarter of growth. India’s GDP grew 8.4percent on-year basis against a contraction of 7.4percent during the same period last year.
According to the data released by the Ministry of Statistics and Programme Implementation, GDP at constant (2011-12) prices in Q2 2021-22 is estimated at Rs 35.73 lakh crores, as against Rs 32.97 lakh crores in Q2 2020-21, showing a growth of 8.4 percent as compared to 7.4 percent contraction in Q2 2020-21.
This marks a fourth straight quarter of expansion. However, the economy has now surpassed the pre-Covid levels.
Vikash Khandelwal, CEO, Eqaro Guarantees said that “The Q2 growth rate above 8 percent has propelled India as the World’s fastest-growing major economy. We saw economic activities returning back to normalcy post the second wave earlier this year. This is the fourth consecutive quarter of positive growth after a two-quarter negative growth witnessed last year. The result of the government spending is visible in the contribution of the real estate and construction sector to the growth. Agriculture has chipped in too on the back of a good monsoon. I hope that the RBI continues to support growth with its accommodative policy even though there is a threat of inflation derailing the trajectory.”
The official data showed that during the July-September quarter Trade, Hotels, Transport, Communication & Services related to the Broadcasting sector grew at 8.2 percent. Government Final Consumption Expenditure (GFCE) came in at Rs 3.61 lakh crore in the second quarter of the fiscal year against Rs 4.21 lakh crore in the previous quarter. The public Administration, Defence & Other Services sector grew at 17.4percent during the July-September quarter against 5.8percent during the previous quarter. GDP at Current Prices in Q2 2021-22 is estimated at Rs 55.54 lakh crore, as against Rs 47.26 lakh crore in Q2 2020-21, showing a growth of 17.5 percent as compared to 4.4 percent contraction in Q2 2020-21.
(_Vinayak)