India’s GDP expanded by 13.5% from a year ago in the April–June quarter, its strongest annual expansion in a year, but less than most economists, analysts, and the Reserve Bank of India had anticipated.
In comparison to the January to March quarter, the gross domestic product (GDP) was 13.5% greater in the three months ending June 30 than it was a year earlier.
In-depth analysis of India’s GDP by 13.5% growth in the April–June period of FY23:
The last time GDP saw a larger yearly growth was from April to June of 2021 when it increased by 20.1% above the pandemic-depressed level from the previous year.
The real GDP is predicted by the NSO data to reach a level of Rs 36.85 lakh crore in Q1 2022–23 as opposed to Rs 32.46 lakh crore in Q1 2021–22.
However, the GDP figures fell short of Reserve Bank of India projections (RBI). The RBI estimated the growth rate for the April–June quarter to be around 16.2% at its monetary policy meeting earlier this month.
The GDP growth rate from the April to June quarter of 2021 was 20.1%.
The Nominal GDP, or GDP at current prices, is predicted to reach Rs 64.95 lakh crore in Q1 2022–23, up from Rs 51.27 lakh crore in Q1 2021–22, representing an increase of 26.7% as compared to 32.4% in Q1 2021–22.
Numerous well-known analysts had also predicted that the base effect would cause the Indian economy to develop at a double-digit rate. In fact, the government lifting travel restrictions owing to the virus resulted in a rise in domestic demand, especially for the country’s massive services economy.
The results show that private investment increased in the April to June quarter as compared to the same period last year by 20.1%. During this time, private consumption expanded by 25.9%%, and government spending increased by 1.3%%.
It is also evident that there has been a noticeable shift in the demand for services, particularly those that involve extensive engagement. According to data, the agriculture industry grew by 4.5% as opposed to 2.2% on an annual basis.
