India's GDP records double digit growth of 13.5% in Q1 2022-23

India's GDP records double digit growth of 13.5% in Q1 2022-23

New Delhi, August 31, 2022

India's economic growth rose to 13.5 per cent in the first quarter of the current fiscal (2022-23), a huge jump from 4.1 per cent growth recorded in the final quarter of 2021-22.

This is the first double digit growth in GDP figures in a year, after the 20.1 per cent recorded in the first quarter of 2021-22.

"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, showing a growth of 13.5 percent as compared to 20.1 percent in Q1 2021-22," a statement issued by National Statistical Office (NSO) said.

The 13.5 per cent growth in the first quarter of the current fiscal is below Reserve Bank of India's (RBI) forecast of 16.2 per cent.

Rating agency ICRA had projected a growth of 13 per cent in the first quarter of the current fiscal.

After recording a 20.1 per cent growth in the first quarter of 2021-22, GDP growth had slid to 8.4% in the second quarter, 5.4% in the third and 4.1% in the fourth quarter.

The RBI has projected the economy's growth at 7.2 per cent for the current financial year.

NNN

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