New Delhi, Aug 31 : India’s growth accelerated to 13.5 percent in the initial quarter of the current fiscal (2022-23) this is a significant leap from 4.1 percent growth reported in the last quarter of 2021-22.It is the first time there has been a double percent increase in GDP numbers in an entire year, considering that the last time there was a double digit growth was 20.1 percent in the first quarter of 2021-22.
“Real GDP” or Gross Domestic Product (GDP) at constant (2011-12) Prices in Q1 2022-23 are expected to reach a value of the equivalent of 36.85 lakh crore compared to 32.46 lakh crore in the first quarter of 2021-22.This indicates growth of 13.5 percent contrasted to 20.1 percent in Q1 2021-22″ an announcement by the National Statistical Office (NSO) said.
The 13.5 percent increase in the initial quarter of the current fiscal is lower than the The Reserve Bank of India’s (RBI) projection of 16.2 per cent.
Rating agency ICRA had forecast the growth of 13 percent in the initial quarter of this fiscal year.
After having recorded an 20.1 percent increase in the initial quarter of 2021-22, the growth of GDP was consistently lower throughout the entire period.In the second quarter of 2021-22, it dropped to 8.4 percent.Then, in the third quarter, it decreased to 5.4 percent, while in the fourth quarter of the previous fiscal year, it was lowered to 4.1 percent.
The RBI has estimated the growth of the economy at 7.2 percent for the current year’s financial year.
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