The gross domestic product, GDP, of the country surged 20.1 percent in the April-June quarter of the current fiscal. According to the Ministry of Statistics and Programme Implementation data released today, its best-ever fiscal-quarter numbers.
GDP in the first quarter of 2021-22 is estimated at 32.38 lakh crore rupees at Constant Prices of 2011-12 as against 26.95 lakh crore rupees in the same period of last fiscal showing a growth of 20.1 percent. The GDP logged a high growth amid the opening of the economy after the lockdown to arrest Covid-19 and low base effect as the economy witnessed a contraction of 24.4 percent in the first quarter of 2020-21 fiscal.
The economic growth witnessed a significant improvement from a deep slump last year helped by accelerated manufacturing in spite of a devastating second wave of coronavirus infections.
Chief Economic Advisor Krishnamurthy Subramanian has said that GDP data for the first quarter reaffirms the Government’s prediction of an imminent V-shaped recovery made last year. Briefing media this evening, Mr Subramanian said, the banking sector has now developed a cushion to withstand impending bad loans. He said, inflation is expected to be in the 5 to 6 percent range going forward. The Chief Economic Advisor said, India is poised for stronger growth from structural reforms, Government CAPEX push and rapid inoculation. He said, high-frequency indicators such as the Google mobility indicator shows activity has picked up, even grocery activity has picked up to pre-covid levels. Mr Subramanian said, MNREGA work requirement has declined in August. He said, power consumption is indicating strong recovery as well.
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