India’s economy grows in double digits
India’s economic growth rose to 13.5 percent year-on-year in the April-June quarter, the first quarter of the current fiscal (2022-23). This is a huge jump from the 4.1 percent growth recorded in the final quarter of 2021-22.
This is the first double-digit growth in GDP figures in a year, as the last double-digit growth was 20.1 percent recorded in the first quarter of 2021-22. India remained the fastest growing major economy as China registered economic growth of 0.4% in the April-June 2022 quarter.
As higher interest rates hit activity, there were fears of growth sharply slowing this quarter and the next two quarters. Official data on Wednesday showed the gross domestic product (GDP) had expanded by 20.1 percent in the corresponding April-June period of 2021-22, according to data released by the National Statistical Office (NSO).
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.
The first quarter growth at 13.5% is less than the RBI’s projection of 16.2% released earlier this month.
A statement issued by National Statistical Office (NSO) 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 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.”
[With Inputs from IANS]
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