Indian Economy Reports a Growth Of 13.5 Percent in the First QuarterSeptember 01, 2022 13:50
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The Indian economy grew by 13.5 percent during the April and June period which is the first quarter of the fiscal year and this is the fastest when compared to the last four quarters. There was better performance reported in the fields of agriculture and service as per the official data that was released yesterday. India is the fastest growing economy and China reported economic growth of 0.4 percent in the first quarter. As per the data that is released by the National Statistical Office (NSO), the Indian economy grew by 20.1 percent between April and June quarter 2021-22. The Gross Domestic Product (GDP) expanded by 8.4 percent between July and September 2021 and 5.4 percent between October and December 2021. It was 4.1 percent between January and March 2022.
The NSO statement said “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”. As per the information, the Gross Value Added (GVA) grew up by 12.7 percent to Rs 34.41 lakh crores in April-June 2022. In the farming sector, it is 4.5 percent in the first quarter and it was 2.2 percent last year. GVA saw a growth in the sectors of trade, hotel, transport, communication and services related to broadcasting. The real estate, financial and professional services saw a growth of 9.2 percent in the first quarter and it was 2.3 percent last year. The Nominal GDP at the current prices in the first quarter is estimated to be Rs 64.95 lakh crores against Rs 51.27 lakh crore in the first quarter last year.