Gross Domestic Product (GDP) Data Today: India’s gross domestic product (GDP) for the April-June quarter (Q1) of the ongoing financial year 2022-23 rose 13.5 per cent, as per provisional estimates released by National Statistical Office (NSO) on Wednesday. The GDP had expanded by 20.1 per cent in the corresponding quarter of 2021-22.
Economists had estimated India’s economy to grow in double digits in Q1 of the ongoing financial year 2022-23 (FY23), with real GDP growth rates seen in the range of 13-16.2 per cent. A base effect of 20.1 per cent growth in the corresponding period year ago along with the moderation in the impact of the Russia-Ukraine war and a pickup in service sector activity is likely to have supported growth, they said.
The GDP for the preceding January-March quarter (Q4) of 2021-22 had witnessed a growth of 4.1 per cent.
As per the government data, the gross value added (GVA) at basic price at constant terms during the June quarter rose 12.7 per cent. The GVA at Basic Price at Current Prices rose 26.5 per cent in Q1 2022-23.
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As per the data by the NSO, the GVA of public administration, defence & other services witnessed a rise of 26.3 per cent while that of trade, hotels, transport, communication & services related to broadcasting climbed 25.7 per cent.
The construction segment grew 16.8 per cent while electricity, gas, water supply & other utility services rose 14.7 per cent. Agriculture, forestry & fishing segment witnessed a 4.5 per cent rise in GVA, the data showed.
In a separate government data, the Centre’s fiscal deficit touched 20.5 per cent of the annual target at the end of July 2022-23 against 21.3 per cent a year ago, reflecting improvement in public finance.
In actual terms, the fiscal deficit – the difference between expenditure and revenue – was Rs 3,40,831 crore during the April-July period this financial year.
A fiscal deficit is a reflection of government borrowings from the market.