India’s Q1 GDP has grown at 13.5%, which means during the past three years, the country’s economy has grown by an average of 1.26 percent a year. So, let’s get into detailed information.
From the April to June quarter, Indian economy growth expanded at its quickest rate in a year as a favourable base effect and increased activity due to the easing of pandemic-related restrictions overshadowed the ripple effects of regional and global concerns.
Current GDP of India 2022
In Q1 2022–23, the Nominal GDP or GDP at Current Prices is expected to rise 26.7% as opposed to 32.4% in Q1 2021–22, according to a report from the National Statistics Office.
India’s Q1 Gdp Remains Below RBI’s Estimate
Real GDP, also known as Gross Domestic Product (GDP), is expected to reach a level of 36.85 lakh crore in Q1 2022–23, up from 32.46 lakh crore in Q1 2021–22, representing a rise of 13.5% as opposed to 20.1% in Q1 2021–22.
Between April and June 2022–2023, India’s GDP expanded by 13.5%. This is less than the 16.2% economic growth predicted by the RBI.
What is The Current Level of Growth Rate of GDP in India?
With the base effect’s assistance, India’s GDP increased by 13.5% in the first quarter of FY22-23 compared to last year’s period, marking the fourth consecutive quarter of sharpest growth.
However, the figures were significantly lower than the Monetary Policy Committee’s forecast of 16.2% and below the 15.2%, those experts had predicted.
The last Indian economy growth rate had a faster rate in Q1 FY21 when it increased by 20.1% from the pandemic-depressed level of the previous quarter.
With rising interest rates, an unpredictable monsoon, and a faltering global economy, analysts worry that the economy won’t reach the 7.2% annual growth target for FY23 predicted by the Reserve Bank of India.
The Q1 GDP growth for India was released on August 31, 2022. In Q1, GDP growth averaged 13.5%, driven by a low base from last year. However, certain parts of the economy, particularly those with high contact intensity, show signs of sequential recovery.
Also Read: Indian Economic Growth – the Economy Remains Hopeful despite Hurdles
