The gross Domestic Product or GDP of India was recorded at 13.5% during Q1 FY 2022 which was April to June 2022. It’s a decent growth as compared to the 20.1% recorded in Q1 of 2021-22, as per the fresh data released, on Wednesday. This can be seen as the fastest growth during a year, as the GDP of our country rose to 4.1 per cent in Q1 FY 22, 5 per cent in the month of December 2021, and 8.4 per cent in September month of 2021.
Fastest Growth of Indian GDP In 2022
“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 per cent in Q1 2021-22,” as per an official statement.
As per the latest data released by National Statistical Office (NSO), from April to June 2022, India’s Gross Value Added or GVA, which we calculate by Gross Domestic Product minus “product taxes and reflects growth in supply”, rose to 12.7 per cent.
Expert’s Remarks On Gross Domestic Product Growth Of Q1 FY 23
Aditi Nayar, the expert economist at IRCA, said, “GDP growth surged to a four-quarter high of 13.5 per cent in Q1 FY2023, broadly in line with our estimate of 13 per cent, and substantially lower than the RBI MPC’s projection of 16.2 per cent. GDP growth will certainly moderate in Q2 FY2023, as the base effect normalises, as underscored by the moderation in the core sector growth in July 2022.”
He further informed, “However, a robust demand for services and some easing in the commodity price-inflicted pain for producers should support a year-on-year GDP growth of 6.5-7 per cent in the ongoing quarter, and 7.2 per cent for the year as a whole.”
Sunil Kumar Sinha, Chief Economists from India Ratings and Research, said, “Though the quarterly GDP growth numbers of 1QFY23 are influenced by the base effect, it indicates that the recovery is on course despite the global headwinds, high commodity prices especially oil and weakening of INR. Several high-frequency indicators such as sales of commercial vehicles, passengers handled at airports, production of cement, railway freight/passenger and used in the estimation of 1QFY23 GDP were also showing reasonable yoy growth.”