India’s GDP grows at over 20% in Q1FY22

New Delhi, Aug 31: India's economy grew by 20.1 per cent in the first quarter of 2021-22, helped by a low base of the year-ago period, official data showed on Tuesday.

The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO).

The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year.

China has recorded a growth of 7.9 per cent in the April-June period of 2021.

With a view to contain the second wave of the Covid-19 pandemic, localized and calibrated lockdowns were imposed during the first quarter of 2021-22. Restrictions were imposed on the economic activities not deemed essential, as also on the movement of people.

The lockdown instructions in various States were duly considered by the National Statistical Office. The impact on economic activities and the data collection mechanisms owing to COVID-19 pandemic has an effect on the Quarterly GDP estimates also. The impact of these measures on overall economic activity are embedded in source data.

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 percent as compared to contraction of 24.4 percent in Q1 2020-21.

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 percent.

GDP at Current Prices in the year Q1 2021-22 is estimated at Rs 51.23 lakh crore, as against Rs 38.89 lakh crore in Q1 2020-21, showing a growth of 31.7 percent as compared to contraction of 22.3 percent in Q1 2020-21. GVA at Basic Price at Current Prices in Q1 2021-22, is estimated at Rs 46.20 lakh crore, as against Rs 36.53 lakh crore in Q1 2020-21, showing a growth of 26.5 percent.

Estimates of GDP along with GVA at Basic Price by kind of economic activity, Expenditures on GDP at Constant (2011-12) and Current Prices, as well as percentage change and rates of expenditure components of GDP for Q1 2019-20 to 2021-22.

The next release of quarterly GDP estimates for the quarter July-September, 2021 (Q2 of 2021-22) will be on 30.11.202l.