Indian Economy News

India's Q1FY23 GDP grows 13.5%, fastest in a year: Govt data

  • IBEF
  • September 1, 2022

The Indian economy grew by 13.5% in the April-June fiscal period, the quickest in the prior four quarters, thanks to improved performance in the agriculture and services sectors, according to official figures. India remained the fastest-growing major economy, with China posting 0.4% growth in the April-June 2022 quarter.

According to National Statistical Office figures, the Indian economy increased by 20.1% between April and June 2021-22. (NSO). The GDP increased by 8.4% in July-September 2021, 5.4% in October-December 2021, and 4.1% in January-March 2022. GVA growth in the services sector (trade, hotel, transportation, communication, and broadcasting services) was 25.7% in the first quarter, compared to 34.3% in the previous quarter. Financial, real estate, and professional services expanded by 9.2% in the first quarter, compared to 2.3% the previous quarter. Public administration, defence, and other services grew by 26.3%, compared to 6.2% in the first quarter of the previous fiscal year.

According to the NSO, the Nominal GDP or GDP at Current Prices in Q1 2022-23 is estimated at Rs. 64.95 trillion (US$ 815.61 billion), up from Rs. 51.27 trillion (US$ 643.83 billion) in Q1 2021-22, representing a 26.7% increase from 32.4% the previous year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.