Good news on India’s economic health, 13.5 percent of GDP in the first quarter

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Good news on India's economic health, 13.5 percent of GDP in the first quarter


GDP Data

GDP DATA: The Indian economy, which has been hit by Corona for the last two years, is currently on the mode of recovery. The latest data related to economic health is also testifying to the recovery in the economy. According to the data released on Wednesday by the National Statistical Office (NSO) under the Ministry of Statistical and Program Implementation (MoSPI), the country’s economy grew at the rate of 13.5 percent in the first quarter (April-June) of the current financial year. .

With this, the growth rate of Gross Domestic Product (GDP) in the April-June quarter of the previous financial year (2021-22) was 20.1 percent. Many analysts had projected the country’s economic growth rate to be in double digits on a comparative basis. Rating agency ICRA had projected the GDP growth rate to be 13 percent in the first quarter of the current financial year, while a report of State Bank of India had projected it to be 15.7 percent.

Indian economy back on track

GDP Data

Image Source : INDIATV

GDP Data

Decreased speed of core sector

According to government data, the pace of the core sector has slowed down. It stood at 4.5 per cent in July. It was 9.9 per cent in the same period last year. The fiscal deficit in the first four months of the current financial year till July stood at Rs 3.41 lakh crore.

GDP Data

Image Source : INDIATV

GDP Data

Major Sectors Growth












sector

Q1FY23

Q1FY22
mining 8.6% 46.6%
Services 17.6% 10.5%
manufacturing 4.8% 49%
Agriculture 4.5% 2.2%
Trod, Hotels 25.7% 34.3%
mining 6.5% 18%
power and gas 14.7% 13.8%
construction 16.8% 71.3%

Growth was less than the Reserve Bank’s estimate

The Reserve Bank of India in its monetary policy review this month had projected the GDP growth rate to be around 16.2 per cent in the first quarter of 2022-23. China’s growth rate in the April-June quarter of 2022 has been 0.4 percent. RBI had said in its monetary policy meeting earlier this month that the GDP growth rate is likely to be around 16.2% in the first quarter of the current financial year. RBI retained the real GDP growth forecast for FY23 at 7.2%.

What is GDP?

GDP is the value of all goods and services produced within a country within a given period of time. It is actually an indicator of the economy of any country. In this, foreign companies that produce within the country’s borders are also included.

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