New Delhi: The official data released by the government on Wednesday shows that India’s gross domestic product (GDP) rose 13.5 percent in the June 2022 quarter (Q1FY23) as compared with the 20.1 percent growth registered in Q1 2021-22. It is the fastest growth in a year, as the country’s GDP had grown at 4.1 percent in the previous quarter (Q4FY22), 5.4 percent in the December 2021 quarter of FY22, and 8.4 percent in the September 2021 quarter.
According to the data, 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 percent as compared to 20.1 percent in Q1 2021-22,
The data of the National Statistical Office (NSO) saws that during April-June 2022, the country’s gross value added (GVA), which is GDP minus net product taxes and reflects supply growth, grew by 12.7 percent.
In the agriculture sector, India registered a growth of 4.5 percent as against 2.2 percent in the year-ago quarter. It had grown three percent in the previous March 2022 quarter. During the first quarter of the current financial year, the trade, hotels, transport, communication, and services related to broadcasting registered a growth of 25.7 percent, lower as compared with the 34.3 percent reported during Q1FY22. It is higher compared with the 11.1 percent rise witnessed in the previous quarter.
GDP growth in nominal terms, which factors in inflation, slowed to 26.7 percent during Q1FY23, compared with 32.4 percent during April-June 2021. “Nominal GDP, or GDP at current prices, in Q1 2022-23 is estimated at Rs 64.95 lakh crore, as against Rs 51.27 lakh crore in Q1 2021-22,” according to the official statement.
Gross fixed capital formation, which is an indicator of investment activity in the country, rose 20 percent during the June 2022 quarter, lower as compared with 62.5 percent a year ago. Private final consumption expenditure (PFCE), and government final consumption expenditure (GFCE) registered a growth of 9.9 percent and 9.6 percent respectively over 1QFY20.
(Vinayak)