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India's economy grew by 13.5% in the first quarter of the fiscal year 2022-23. The agriculture and services sectors' better performance led India’s economy to boom, while China registered economic growth of 0.4% in the same quarter.
As per National Statistical Office (NSO), the Indian economy grew by 20.1% in the said period a year ago.
The gross domestic product (GDP) expanded by 8.4% in July-September 2021, 5.4% in October-December 2021, and 4.1% in January-March 2022.
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However, the economic growth of 13.5% in the first quarter was less than the projection of 16.2% made by RBI.
"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 trillion, as against Rs 32.46 trillion in Q1 2021-22, showing a growth of 13.5% as compared to 20.1% in Q1 2021-22," the NSO statement said.
As per the data, Gross Value Added (GVA) grew by 12.7% to Rs 34.41 trillion in April-June this year.
A sector-wise analysis revealed that the GVA growth in the manufacturing sector decreased to 4.8% during the quarter from 49% during the year-ago period, while the electricity, gas, water supply, and other utility services segment grew by 14.7% in this quarterly period compared to 13.8%.
Same as with the services sector such as trade, hotel, transport, communication services, etc decreased to 25.7% in the first quarter as against 34.3%.
Financial, real estate, and professional services grew by 9.2% in the month of April-June 2022 over 2.3% in the same period earlier.
Public administration and defense services posted 26.3% growth against 6.2% in the same period a year ago.
The NSO stated, “The Nominal GDP or GDP at Current Prices in Q1 2022-23 is estimated at Rs 64.95 trillion against Rs 51.27 trillion in Q1 2021-22, showing a growth of 26.7% compared to 32.4% a year ago.”
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