GDP surges 20.1 percent in April-June quarter of FY 2021-22

The gross domestic product, GDP, of the country surged 20.1 percent in the April-June quarter of the current fiscal. According to the Ministry of Statistics and Programme Implementation data released on Tuesday its best-ever fiscal-quarter numbers. GDP in the first quarter of 2021-22 is estimated at 32.38 lakh crore rupees at Constant Prices of 2011-12 as against 26.95 lakh crore rupees in the same period of last fiscal showing a growth of 20.1 percent. The GDP logged a high growth amid the opening of the economy after the lockdown to arrest Covid-19 and low base effect as the economy witnessed a contraction of 24.4 percent in the first quarter of 2020-21 fiscal.

The economic growth witnessed a significant improvement from a deep slump last year helped by accelerated manufacturing in spite of a devastating second wave of coronavirus infections. According to the NSO data, gross value added (GVA) growth in the manufacturing sector accelerated to 49.6 percent in the first quarter of 2021-22, compared to a contraction 36 percent a year ago. Farm sector GVA growth was up at 4.5 percent, compared to 3.5 percent earlier.Similarly, trade, hotel, transport, communication and services related to broadcasting grew by 34.3 percent compared to 48.1 percent contraction earlier. Financial, real estate and professional services grew by 3.7 percent in Q1 FY22 compared to a contraction of 5 percent. Public administration, defence and other services grew at 5.8 percent during the quarter under review, compared to (-) 10.2 percent a year earlier.