According to the most recent official data made public on Wednesday, India’s gross domestic product increased by 13.5% in the first quarter of 2022 (Q1FY23), compared to a 20% increase in the prior quarter. The GDP of the nation had increased by 4.1% the previous quarter (Q4FY22).
“Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 per cent as compared to 20.1 per cent in Q1 2021-22,” according to an official statement.
According to the most recent information provided by the National Statistical Office (NSO), the country’s nominal GDP (which accounts for inflation) increased by 26.7% from April to June 2022 as opposed to 32.4% in Q1 2021–2022 for the same period.
Analysts expected the GDP to expand by 13–16.2 percent in the first quarter of FY23. India’s GDP is expected to rise by 13% in Q1 FY23, according to rating agency ICRA, 15.7% in Q1 FY23 according to State Bank of India (SBI), and 16.2% in Q1 FY23 according to the RBI.
The GDP of the nation increased by 4.1% in the third quarter of last year (Q4FY22). The GDP increased by 8.7% over the course of the entire fiscal year 2021–2022.