India GDP grows 13.5% in first quarter of 2022-23 fiscal

India’s economy grew at a sharp 13.5% in the April to June quarter, sharply higher than the 4.1% growth rate the preceding quarter, according to data released by National Statistical Office on Wednesday.

The GDP had expanded by
20.1% in the corresponding quarter of the previous financial year 2021-22.

Analysts had projected
India’s economy to grow in double digits in first quarter of the fiscal 2023, with
real GDP growth rates seen in the range of 13-16.2%.

Also Read | 3 reasons why India posted double-digit GDP growth in Q1

“Nominal GDP or
GDP at Current Prices in Q1 2022-23 is estimated at Rs 64.95 trillion, as
against Rs 51.27 trillion in Q1 2021-22, showing a growth of 26.7% as compared
to 32.4% in Q1 2021-22,” said Ministry of Statistics and Programme
Implementation in a statement.

Real GDP or Gross Domestic
Product at constant (2011-12) prices in April-June quarter is estimated to
attain a level of Rs 36.85 lakh crore, as against Rs 32.46 crore in corresponding
quarter of previous fiscal, showing a growth of 13.5% as compared to 20.1% in
Q1 of financial year 2021-22.

Also Read | Fiscal deficit touches 20.5 pc of annual target in Apr-Jul: Official data

Gross Value Added (GVA) for the April-June
quarter of fiscal 2023 has come in at 12.7%.

Mining sector has been
almost flat on a sequential basis while electricity, public administration,
construction, finance and real estate saw a significant growth.

Manufacturing sector
grew at 4.8% in April-June against 49% in the year-ago period.

Also Read | Week ahead: GDP data, rupee movement to weigh on Sensex, Nifty

Mining sector grew at 6.5%
as compared to 18% growth in April-June quarter of fiscal 2022.

India’s farm sector growth
came in at 4.5% against 2.2% in corresponding quarter of previous financial
year.

Electricity, Gas and
Water segment witnessed a growth of 14.7% against 13.8% in year-ago period.  

Also Read | How investment and savings strategies changed in last 30 years

Construction sector growth
came in at 16.8% as compared to 71.3% in corresponding quarter.

Trade, Hotels,
Transport, Communication & Services related to broadcasting’ industry saw
its GVA jump by 25.7% compared to an increase of 34.3% in year-ago period.