India's GDP Grows At 13.5% In Q1 FY23: Govt Data

The government today released India’s gross domestic product (GDP) data for the first quarter (Q1) of the ongoing financial year 2022-23 (FY23). 

India's GDP) grew at 13.5 per cent during the April-June 2022-23 quarter (Q1 FY23), government data showed on Wednesday.

"Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5% as compared to 20.1% in Q1 2021-22," Ministry of Statistics & Programme Implementation said in a statement.

Many analysts had projected the Indian economy will expand at a double-digit growth rate due to the base effect.

Last year, India's gross domestic product (GDP) grew by 20.1 per cent year-on-year after witnessing a contraction of 24.4 per cent in the financial year 2020-21 on account of nation-wide lockdown imposed to curb the spread of Covid-19 pandemic.

The GDP had contracted by 23.9 per cent in June 2020 quarter due to the first wave of the pandemic.

Meanwhile, the Reserve Bank of India has projected the Indian economy to grow at 7.2 per cent for the current financial year. According to RBI, India's GDP is expected to grow at 16.2 per cent in the first quarter followed by 6.2 per cent in the second quarter, 4.1 per cent in the third quarter, and 4 per cent in the fourth quarter of the current financial year.

Rating agency Icra in its report has said India’s GDP growth in the first quarter of the current financial year 2022-23 is likely to grow 13 per cent, on the back of a low base and robust recovery in the contact-intensive sectors following the widening vaccination coverage.

Subhash Chandra Garg, the former Finance Secretary in a tweet said, "India’s GDP in Q1 2019-20 was Rs. 33.05 trillion. Q1 2022-23 GDP has come at Rs. 34.42 trillion. Q1 GDP has grown by Rs. 1.09 trillion in 3 years. Three year growth is 3.3%. Time to celebrate 13.5% year on year growth or to do a serious introspection on why are standing still?"