India’s GDP grows at 13.5% in April-June quarter

India’s Gross Domestic Product (GDP) grew 13.5% in the first quarter of 2022-23, with the Gross Value Added (GVA) in the economy rising 12.7%, as per National Statistical Office estimates. The corresponding quarter of last year recorded GDP growth of 20.1% and an 18.1% uptick in GVA, thanks to the base effects from the initial COVID-19 lockdowns.

GVA from agriculture, forestry and fishing, the only sector that continued to grow through the pandemic, rose 4.5% in the April to June quarter of this year, while manufacturing and mining grew at 4.8% and 6.5%, respectively.

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Public administration, defence and other services which include education, health, recreation, and other personal services recorded the sharpest GVA growth at 26.3%, followed by trade, hotels, transport, communication and services related to broadcasting which rose 25.7% and construction which climbed 16.8%.

GVA from electricity, gas, water supply and other utility services grew 14.7% in Q1 of 2022-23, while financial, real estate and professional services recorded a 9.2% rise.

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Earlier this month, in its monetary policy meeting, the Reserve Bank of India (RBI) said that the GDP growth rate is likely to be around 16.2% in the first quarter of this fiscal year.

China registered an economic growth of 0.4% in April-June 2022.

(With PTI inputs)