Indian economy recorded
its fastest annual expansion in a year in the April-June quarter, according to
data released by National Statistical Office (NSO) on Wednesday.

India’s gross domestic
product (GDP) in the first quarter of financial year 2022-23 was at 13.5%.
However, this is lower than the Reserve Bank of India’s projection of 16.2% GDP
growth in reported quarter.

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According to government
data, the gross value added (GVA) at basic price at constant terms during the April-June
quarter rose 12.7%. The GVA at basic price at current prices rose 26.5% in first
quarter of fiscal 2023.

Economists had projected
the farm sector slowing down in preceding quarter on account of an unusually hot
summer, which impacts crop yields. While other sectors also witnessed significant
year-on-year growth, they were supported by the favorable base effect.

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Here is the sector-wise
GDP contribution in India:

The agriculture, forestry
and fishing segment witnessed a 4.5% growth in GVA, compared to 2.2% rise in
year-ago period.

Mining and quarrying
sector grew 6.5% year-on-year from 18% growth in corresponding quarter of
fiscal 2022.

Manufacturing sector
grew 4.8% against 49% year-on-year, reflecting the impact of the high global
commodity prices over the past few months.

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Electricity, gas, water
supply and other utility services saw a 14.7% rise compared to 13.8% in year-ago
period.

The construction
segment grew 16.8% in first quarter against 71.3% in the corresponding quarter
of fiscal 2022.

Trade, hotels, transport,
communication & services related to broadcasting industry saw their GVA jump
by 25.7% compared to an increase of 34.3% in year-ago period.

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Financial, real estate
and professional services posted a growth of 9.2% against a rise of 2.3% in same quarter of previous financial year.

Services sector which includes
public administration, defence, education, health, recreation, and other
personal services, grew at 26.3% in April-June quarter against 6.2% in year-ago
period. The sector witnessed a rebound with the Omicron variant-led third wave
of the coronavirus pandemic limited to the first quarter of 2022.

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The next release of the
quarterly GDP estimates for the July-September quarter will be on November 30, 2022.