India GDP Q1 Data: India’s Gross Domestic Product (GDP) for the April-June quarter (Q1) of the ongoing financial year 2021-22 (FY22) grew by 20.1 per cent , as per the provisional estimates of GDP released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.
The Gross Value Added (GVA) at basic prices during Q1 of FY22 was 18.8 per cent, against (-)22.4 per cent in the corresponding quarter year ago, the data showed.
The sharp rise in Q1 GDP data can be mainly attributed to a low base last year. The Indian economy had contracted by a record (-)24.4 per cent in the corresponding quarter last year owing to the impact of the nationwide lockdown that was imposed to curb the transmission of the Covid-19, which brought all non-essential activities to a halt.
A recent Reuters poll of 41 economists showed gross domestic product rose 20.0 per cent in the three-month period ended June. Separately, the Reserve Bank of India (RBI) in its monetary policy committee meeting earlier this month had projected the Q1 GDP to grow at 21.4 per cent .
In value terms, the GDP stood at Rs 32,38,020 crore in Q1 FY22, higher than Rs 26,95,421 crore in corresponding period of FY21 but lower than Rs 35,66,708 crore in Q1 FY20.
In the first quarter, the manufacturing sector, rose by 49.6 per cent against a contraction of (-)36 per cent a year ago, while the construction sector grew at 68.3 per cent in Q1 FY22 vs. (-)49.5 per cent a year ago. The sector of trade, hotels, transport, communication & services related to broadcasting gained 34.3 per cent against a contraction of (-)48.1 per cent.
Apart from this, the agriculture, forestry and fishing sector which had grown at 3.5 per cent in the corresponding quarter last year, grew 4.5 per cent in Q1 FY22, the MoSPI data showed. Electricity, gas, water supply and other utility services segment grew by 14.3 per cent in the first quarter of this fiscal, against a 9.9 per cent contraction a year ago.
The financial, real estate and professional services grew by 3.7 per cent in Q1 FY22 compared to a contraction of (-)5.0 per cent, while public administration, defence and other services grew at 5.8 per cent, compared to (-)10.2 per cent a year earlier.