New Delhi: In a positive development for overall GDP growth rate in India, India’s economic growth has surged to 20.1 per cent in the April-June quarter of the ongoing financial year of 2021-2022. The growth has been recorded notwithstanding a devastating second wave of COVID-19. The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO) on Tuesday, as per a PTI report.
“Economic growth in the April- June quarter of 2021-22 (Q1) has come in at 20.1%, which is at the upper end of all estimates, making the apparent consensus redundant. This rebound in Q1 will be the foundation of sustained growth in successive quarters,” Niti Aayog Vice Chairman Rajiv Kumar tweeted.
GDP Growth Rate, GDP of India 2021
- Meanwhile, China has posted a growth of 7.9 per cent in the April-June period of 2021.
- Notably, India’s economy has still not returned to the pre-COVID level, as per a PTI report.
- In value terms, the GDP stood at Rs 32,38,020 crore in April-June 2021-22, lower than Rs 35,66,708 crore in the corresponding period of the 2019-20 financial year, PTI report says.
- The Gross domestic product (GDP) had shrunk to Rs 26,95,421 crore in April-June last year during the nationwide lockdown, PTI reprted.
- “GDP at Constant (2011-12) Prices in Q1 of 2021-22 is estimated at Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in Q1 of 2020-21, showing a growth of 20.1 percent as compared to contraction of 24.4 percent in Q1 2020-21,” the NSO said in a statement, as per the PTI report.
- “The lockdown instructions in various States were duly considered by the National Statistical Office. The impact on economic activities and the data collection mechanisms owing to COVID-19 pandemic has an effect on the Quarterly GDP estimates also. The impact of these measures on overall economic activity are embedded in source data,” it stated, PTI reported
- According to the NSO data, gross value added (GVA) growth in the manufacturing sector accelerated to 49.6 per cent in the first quarter of 2021-22, compared to a contraction 36 per cent a year ago, as per a PTI report.
- Farm sector GVA growth was up at 4.5 per cent, compared to 3.5 per cent earlier. Construction sector GVA grew by 68.3 per cent compared to 49.5 per cent contraction earlier. Mining sector grew by 18.6 per cent, as against a contraction of 17.2 per cent a year ago, the PTI report says.
- Electricity, gas, water supply and other utility services segment grew by 14.3 per cent in the first quarter of this fiscal, against 9.9 per cent contraction a year ago. Similarly, trade, hotel, transport, communication and services related to broadcasting grew by 34.3 per cent compared to 48.1 per cent contraction earlier, according to PTI report.
- Financial, real estate and professional services grew by 3.7 per cent in Q1 FY22 compared to a contraction of 5 per cent. Public administration, defence and other services grew at 5.8 per cent during the quarter under review, compared to (-) 10.2 per cent a year earlier, as per PTI report.
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