New Delhi: The country’s gross domestic product (GDP) rate stood at 13.5 per cent in the first quarter (April-June) of the current financial year, the highest in the last four quarters, on the back of better performance in the agriculture and services sector.
With this growth, India remains the fastest growing major economy in the world. However, this figure is still lower than the RBI’s forecast (16.2 per cent). However, in terms of GDP, India has overtaken China.
Compared to India, China’s growth rate in the first quarter of 2022 is 0.4 percent. According to the data released by the National Statistics Department (NSO) today, the GDP growth rate in the April-June quarter of the previous financial year (2021-22) was 20.1 percent.
In the July-September quarter of 2021, the GDP was 8.4 per cent, while in October-December and January-March 2022, this figure was 5.4 per cent and 4.1 per cent, respectively.
GDP refers to the total value of all goods and services produced in the country in a given period of time (quarterly or financial year). The GDP shows how much value of economic production has taken place in the country in a given period.
The growth rate of 13.5 per cent in the first quarter is lower than the 16.2 per cent projected by the Reserve Bank of India (RBI) earlier this month.
“Real GDP at constant prices (2011-12) is estimated to be Rs 36.85 lakh crore in the first quarter of 2022-23,” NSO said in a statement. In the same quarter of 2021-22, this figure was Rs 32.46 lakh crore.
This shows that there has been an increase of 13.5 percent in the first quarter. The real GDP stood at Rs 27.03 lakh crore in the April-June quarter of 2020.
The GDP contracted by 23.8 per cent in the first quarter of the financial year 2020-21 due to the ‘lockdown’ imposed to contain the coronavirus pandemic.
The growth rate in the category of power, gas, water supply and other utility services was 14.7 per cent and in sectors such as trade, hotels, transport, communication and broadcasting services was 25.7 per cent in the first quarter of the current financial year.