India's Q1FY22 GDP growth zooms 20.1% YoY
New Delhi, August 31, 2021
Low base, along with pent-up demand as well as easier Covid restrictions, lifted India's first quarter FY22 GDP growth rate to 20.1 per cent.
In 2020, the pandemic had battered the country's GDP which had contracted by 24.4 per cent during Q1FY21.
India's GDP at constant of 2011-12 prices has been estimated at Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in Q1FY21.
Last year, the pandemic-triggered national lockdown during Q1FY21 had a massive impact on the economy. It was only on June 1, 2020 that the partial unlock measures were implemented.
Unlike last year, the lockdown in 2021 was more regional in nature, and production and manufacturing by several industries were allowed this time.
In a poll of economists, IANS had, on August 27, predicted that based on the recovery, India's GDP Q1FY22 is expected to grow by anywhere between 14 and 24 per cent. The RBI, after the recent Monetary Policy Committee meeting, had projected country's Q1 GDP to grow at 21.4 per cent.
"GDP at Constant (2011-12) Prices in Q1 of 2021-22 is estimated at Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in Q1 of 2020-21, showing a growth of 20.1 per cent as compared to contraction of 24.4 per cent in Q1 2020-21," said NSO, in the Q1FY22 GDP estimates.
"Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2021-22 is estimated at Rs 30.48 lakh crore, as against Rs 25.66 lakh crore in Q1 of 2020-21, showing a growth of 18.8 per cent."
The GVA includes taxes but excludes subsidies.
On a YoY basis, Q1 GVA for 2021-22 from the agriculture, forestry and fishing sector showed a growth of 4.5 per cent, against 3.5 per cent in the same quarter of 2020-21.
Nevertheless, the GVA in Q1 2020-21 from the manufacturing sector grew 49.6 per cent, as compared to a de-growth of (-) 36 per cent in the corresponding quarter of the previous fiscal.
Similarly, the mining and quarrying sector declined by 18.6 per cent against previous year's contraction of (-) 17.2 per cent.