India’s Q1 GDP Result Out: A Growth Of 13.5% In Q1 of 2022-23 Is Seen. Check All Facts Here

The provisional estimates released by the National Statistical Office( NSO) on Wednesday state a 13.5 percent rise in India’s gross domestic product for the April-June quarter (Q1) of the financial year 2022-23. In the corresponding quarter of 2021-22, the GDP expanded by 20.1 percent.

According to the estimates by economists, India’s economy expanded in double digits in quarter 1 of the current financial year 2022-23 (FY23), however, the GDP growth rate showcased a 13-16.2 percent rise. Factors like moderation in the Russia-Ukraine war impact, the base effect of 20.1 percent growth in the corresponding period in the previous year, and a pickup in the service sector activity, may have supported the growth.

The January-March quarter (Q4) of 2021- 2022 has seen a growth of 4.1 percent in the GDP.

According to the government data, the GVA, i.e. the gross value added at basic price at constant terms in the June quarter increased 12.7 percent. The gross value added (GVAS) at the Basic Price at Current Prices increased 26.5 percent in Q1 2022-23.

As per NSO’s data, the gross value added (GVA) of defense, public administration, and other services has seen an increase of 26.3 percent. On the other hand, the GVA of trade, transport, hotels, communications and other services related to broadcasting rose 25.7 percent.

The construction segment, too, has seen a rise of 16.8 percent. The electricity, water supply, gas, and other such utility services have climbed 14.7 percent. On the other hand, agriculture, forestry & fishing segments saw a 4.5 percent rise in GVA, as per the data.

The Fiscal Deficit

In another government data, the fiscal deficit of the Centre reached 20.5 percent of the annual target at the end of July 2022-23. A year ago, it touched 21.3 percent. This financial year, the fiscal deficit was Rs 3,40,831 crore in the April-July period.