GDP for Q1 2022-23 grows by 13.5 per cent, GVA for agriculture by 4.5 per cent
According to the provisional estimates released by the NSO on August 31, the GDP in the first quarter (April-June) of 2022-23 grew by 13.5 per cent, as against a 20.1 per cent growth seen during the same period last year. However, the RBI had projected a growth of 16.2 per cent. On September 1, the very next day, Moody’s has slashed India’s GDP forecast from 8.8 per cent to 7.7 per cent for the calendar year 2022.
According to the provisional estimates released by the National Statistical Office (NSO) on August 31, the Gross Domestic Product (GDP) in the first quarter (April-June) of 2022-23 grew by 13.5 per cent, as against a 20.1 per cent growth seen during the same period last year. However, the Reserve Bank of India (RBI) had projected a growth of 16.2 per cent.
On September 1, the very next day, Moody’s has slashed India’s GDP forecast from 8.8 per cent to 7.7 per cent for calendar year 2022.
As per the NSO figures, the 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.
The nominal GDP or GDP at current prices in Q1 2022-23 is estimated at Rs 64.95 lakh crore, as against Rs 51.27 lakh crore in Q1 2021-22, showing a growth of 26.7 per cent as compared to 32.4 per cent in Q1 2021-22.
GDP is derived as the sum of the gross value added (GVA) at basic prices, plus all taxes on products, less all subsidies on products.
Moderation in the impact of the Russia-Ukraine war and a pickup in service sector activity are likely to have supported growth, economists felt.
The GDP growth for Q4 2021-22 had been 4.1 per cent.
The GVA at basic prices rose at constant prices by 12.7 per cent for Q1 2022-23 as against 18.1 per cent for Q1 2021-22. For agriculture, forestry and fishing, it rose by 4.5 per cent compared to 2.2 per cent for the same quarter last year.
The disappointment came from the manufacturing and construction sectors. While the GVA for manufacturing grew by a mere 4.8 per cent for Q1 2022-23 compared to 49 per cent for the corresponding period last year, that for construction grew by 16.8 per cent in comparison to 71.3 per cent for the same period last year.
The GVA at current prices rose by 26.5 per cent for Q1 2022-23 as against 26.1 per cent for Q1 2021-22. For agriculture, forestry and fishing, it rose by 17.4 per cent compared to 8.3 per cent for the same quarter last year.
