In a big development, India’s gross domestic product (GDP) surged at a whopping 20.1% in the April-June quarter of FY22, its best-ever fiscal-quarter numbers, according to the data released by the government’s statistics office on Tuesday.
“GDP at Constant (2011-12) Prices in Q1 of 2021-22 is estimated at ₹32.38 lakh crore, as against ₹ 26.95 lakh crore in Q1 of 2020-21, showing a growth of 20.1% as compared to a contraction of 24.4% in Q1 2020-21,” the data from Ministry of Statistics & Programme Implementation (MoSPI) stated.
This is the third consecutive quarter when positive growth has been witnessed, as GDP grew by 0.4 per cent third quarter of 2020-21 and 1.6 per cent in the fourth quarter of 2020-21.
A recent Reuters poll of 41 economists showed gross domestic product rose 20.0 per cent in the three-month period ended June.
The growth marks a significant improvement from a deep slump last year helped by accelerated manufacturing in spite of a devastating second wave of COVID-19.
In the first quarter, the manufacturing sector, rose by 49.6% on year, while the construction sector grew at 68.3%. The sector of trade, hotels, transport, communication & services related to broadcasting gained 34.3%. Apart from this, the agriculture, forestry and fishing sector grew 4.5% in Q1.
Furthermore, the quarterly gross value added (GVA) grew 18.8% at ₹ 30.48 lakh crore, as against ₹ 25.66 lakh crore in the year-ago period.
Data released by the National Statistical Office on August 31 showed that the real gross value added for Q1 rose by 18.8 percent. The biggest year-on-year rise was in the construction sector at 68.3 percent. This sector saw the steepest fall in the same period last year at 49.5 percent as construction activity across the country had come to a halt.
Public Administration, Defence & Other Services GVA grew at 5.8% in the April-June quarter as compared to a contraction of 10.2% last year.
