India’s gross domestic product (GDP) growth surged to 13.5 per cent in the first quarter of the current financial year as compared to 4.1 per cent in the previous quarter, according to the official data released on Wednesday. This is the sharpest growth in the Indian economy in a year.
India’s 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 per cent as compared to 20.1 percent in Q1 2021-22, as per the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
The nominal GDP or GDP at Current Prices in Q1 2022-23 is estimated at Rs 64.95 lakh crore, as against Rs 51.27 lakh crore in Q1 2021-22, showing a growth of 26.7 per cent as compared to 32.4 per cent in Q1 2021-22.
GDP is derived as the sum of the gross value added (GVA) at basic prices, plus all taxes on products, less all subsidies on products. The total tax revenue used for GDP compilation includes Non-GST Revenue as well as GST Revenue.
As per the data, the GVA grew by 12.7% to Rs 34.41 trillion in April-June this year. The GVA growth in the farm sector is 4.5% in the first quarter compared to 2.2% a year ago.
However, the GVA growth in the manufacturing sector decelerated sharply to 4.8% during the quarter from 49% during the year-ago period. GVA growth in mining is 6.5% in the quarter compared to 18%. The GVA in the construction sector also decelerated to 16.8% in the quarter from 71.3%.
The electricity, gas, water supply and other utility services segment grew by 14.7% in the quarter compared to 13.8% a year ago.
GVA growth in the services sector — trade, hotel, transport, communication and services related to broadcasting — was 25.7% during the first quarter against 34.3%. Financial, real estate and professional services grew by 9.2% in the first quarter over 2.3% earlier. Public administration, defence and other services posted 26.3% growth against 6.2% in the first quarter of last fiscal.