In the April-June quarter of the previous financial year (2021-22), the GDP growth rate was 20.1 percent.
New Delhi: The Indian economy, which has been hit by Corona for the last two years, is currently on a mode of recovery. The latest data related to economic health is also testifying to the recovery in the economy. According to the data released on Wednesday by the National Statistical Office (NSO) under the Ministry of Statistical and Program Implementation (MoSPI), the country's economy grew at the rate of 13.5 percent in the first quarter (April-June) of the current financial year.
With this, the growth rate of Gross Domestic Product (GDP) in the April-June quarter of the previous financial year (2021-22) was 20.1 percent. Many analysts had projected the country's economic growth rate to be in double digits on a comparative basis. Rating agency ICRA had projected the GDP growth rate to be 13 percent in the first quarter of the current financial year, while a report by State Bank of India had projected it to be 15.7 percent.
Decreased speed of core sector
According to government data, the pace of the core sector has slowed down. It stood at 4.5 per cent in July. It was 9.9 per cent in the same period last year. The fiscal deficit in the first four months of the current financial year till July stood at Rs 3.41 lakh crore.
Growth less than the Reserve Bank's estimate
The Reserve Bank of India in its monetary policy review this month had projected the GDP growth rate to be around 16.2 per cent in the first quarter of 2022-23. China's growth rate in the April-June quarter of 2022 has been 0.4 percent. RBI had said in its monetary policy meeting earlier this month that the GDP growth rate is likely to be around 16.2% in the first quarter of the current financial year. RBI retained the real GDP growth forecast for FY23 at 7.2%.
What is GDP?
GDP is the value of all goods and services produced within a country within a given period of time. It is actually an indicator of the economy of any country. In this, foreign companies that produce within the country's borders are also included.