India's GDP grows at 13.5% in April-June quarter

New Delhi, Aug 31: India's economy grew by 13.5 per cent in the first quarter of the current fiscal, mainly due to the base effect, official data showed on Wednesday.

The gross domestic product (GDP) had expanded by 20.1 per cent in the corresponding April-June period of 2021-22, according to data released by the National Statistical Office (NSO).

Many analysts had projected the Indian economy will expand at a double-digit growth rate due to the base effect.

According to rating agency Icra, the gross domestic product was likely to grow at 13 per cent while State Bank of India in its report, projected the growth rate at 15.7 per cent for April-June 2022.

Earlier this month, in its monetary policy meeting, the Reserve Bank of India (RBI) said that the GDP growth rate is likely to be around 16.2 per cent in the first quarter of this fiscal year.

China registered an economic growth of 0.4 per cent in April-June 2022.

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. The total tax revenue used for GDP compilation includes Non-GST Revenue as well as GST Revenue. The latest information available on the website of the Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products and subsidies on products at Current Prices, the Ministry of Statistics & Programme Implementation said in a statement.