India’s GDP increases 20.1% in Q1 FY22 compared to FY21

01 Sep 2021 CW Team

According to data, India's economic growth has expanded at a faster pace in the June quarter with the help of a low base of the earlier recorded contractions and a strong bounce in manufacturing and construction.

India's Gross Domestic Product (GDP) increased by 20.1% in the first quarter (Q1) of the fiscal year (FY) 2022, helping from the 24.4% decline in the same quarter last year.

Without adjusting for inflation, in nominal terms, the economy rose by 31.7% in this period. Economists have estimated Q1 GDP growth at an average of 19.5% in a range between 14.2% to 23.3%.

Construction grew by 68.3%, and manufacturing was up by 49.6%, but due to the second wave of the Covid-19 pandemic, the industries witnessed a reduction in private consumption.

According to the economists, the base impact due to the second wave of the pandemic and the cost of Covid-19 needed more fiscal and monetary support from India's economy.

Aditi Nayar, the chief economist of Investment Information and Credit Rating Agency of India Ltd (ICRA), told the media that the year-on-year (YoY) expansion in Q1 is analytically wrong, with a sequential drop of 16.9% in Q4 FY21 and a shortfall of 9.2% during the pre-Covid time in Q1 FY20.

The full-year growth estimate remains unchanged at 9%.

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Also read: India’s potential to contribute $500 bn to global economy by 2030

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