Updated November 30th, 2021 at 18:36 IST
India's GDP expands 8.4% in July-September quarter comparted to 7.4% contraction last year
India's economic growth slowed to 8.4% in the second quarter of 2021-22, mainly due to waning low base effect, official data showed on Tuesday.
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India's GDP growth slowed to 8.4% in the second quarter of 2021-22, mainly due to waning low base effect, but the economy has surpassed the pre-COVID level, official data showed on Tuesday.
The GDP growth in April-June quarter this fiscal stood at 20.1%. The Indian economy had contracted by 24.4% in April-June last year.
The gross domestic product (GDP) had contracted by 7.4% in the corresponding July-September quarter of 2020-21, according to data released by the National Statistical Office (NSO).
India's GDP growth at 8.4% in July-Sept
Real GDP has exceeded the pre-covid (Q2FY20) level in Q2FY22, registering a robust growth of 8.4% as against the contraction of 7.4% witnessed in the Q2FY21.@Rao_InderjitS @PIB_India @NITIAayog @PMOIndia
— Ministry of Statistics & Programme Implementation (@GoIStats)
Nominal GDP has also witnessed a high growth of 17.5% in the
— Ministry of Statistics & Programme Implementation (@GoIStats)
Q2FY22 as against the contraction of 4.4% witnessed in the Q2FY21.@Rao_InderjitS @PIB_India @NITIAayog @PMOIndia
All the sectors witnessed growth in Q2FY22 as against Q2FY21 when most of the sectors witnessed contraction.@Rao_InderjitS @PIB_India @NITIAayog @PMOIndia
— Ministry of Statistics & Programme Implementation (@GoIStats)
The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year.
This year, a massive second wave of the pandemic hit the country in the middle of April, which forced states to impose fresh restrictions.
However, the economy has now surpassed the pre-COVID level.
In value terms, the GDP stood at Rs 35,73,451 crore in July-September 2021-22, higher than the Rs 35,61,530 crore in the corresponding period of the 2019-20 financial year.
The GDP had shrunk to Rs 32,96,718 crore in July-September last year during the nationwide lockdown.
GDP at Constant (2011-12) Prices in April-September 2021-22 (H1 2021-22) is estimated at Rs 68.11 lakh crore as against Rs 59.92 lakh crore during the corresponding period of previous year, showing a growth of 13.7% in H1 2021-22 as against a contraction of 15.9% during the same period last year, it stated.
According to the NSO data, gross value added (GVA) growth in the manufacturing sector accelerated to 5.5% in the second quarter of 2021-22, compared to a contraction 1.5% a year ago.
Farm sector GVA growth was up at 4.5%, compared to 3% growth earlier.
Construction sector GVA grew by 7.5%compared to a degrowth of 7.2% earlier.
Mining sector grew by 15.4%, as against a contraction of 6.5%.
Electricity, gas, water supply and other utility services segment posted growth of 8.9% in the second quarter of this fiscal, against 2.3% expansion a year ago.
Similarly, trade, hotel, transport, communication and services related to broadcasting grew by 8.2% compared to 16.1% contraction earlier.
Financial, real estate and professional services growth stood at 7.8% in Q2 FY22 compared to a contraction of 9.1%.
Public administration, defence and other services grew at 17.4% during the quarter under review, compared to 9.2% contraction a year earlier.
Meanwhile, China has recorded a growth of 4.9% in the July-September period of 2021.
(Disclaimer: This story is auto-generated from a syndicated feed; only the image & headline may have been reworked by www.republicworld.com)
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Published November 30th, 2021 at 18:05 IST