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India GDP grows 13.5% in Q1FY23, fastest in a year: Govt data

New Delhi: The National Statistical Office (NSO) on Wednesday released the data of India’s GDP growth. As per the NSO data, India has achieved its fasted annual in a year in the April-June quarter.

The GDP of India during the three months ending June 30, 2022, was 13.5%. The Reserve Bank of India had predicted 16.2% GDP growth in Q1FY23, but this is less than that. India’s GDP increased by 20.1% in Q1FY22. GDP increased 4.1% between January and March of last year.

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“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 trillion, as against Rs 32.46 trillion in Q1 2021-22, showing a growth of 13.5% as compared to 20.1% in Q1 2021-22,” said Ministry of Statistics & Programme Implementation.

“Nominal GDP or GDP at Current Prices in Q1 2022-23 is estimated at Rs 64.95 trillion, as against Rs 51.27 trillion in Q1 2021-22, showing a growth of 26.7% as compared to 32.4% in Q1 2021-22,” said MoSPI in a statement.

In April through June of 2021, when it was 20.1% higher than the pandemic-depressed level of the previous year, India’s GDP had its last greater annual growth.

However, economists predict that as increased interest rates have a negative impact on economic activity, India’s economic development will abruptly drop down during the coming quarters.

While issuing a caution over the effects of a global downturn on local development prospects, the Reserve Bank of India (RBI) increased its benchmark repo rate by 140 basis points since May, including 50 basis points this month.

Numerous economists predict that rates will rise again by around 50 basis points the following month, then by another 25 basis points.

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The increase in the cost of food and fuel has had a significant impact on consumer spending, which makes up nearly 55% of economic activity, even if monthly inflation has subsided over the past three months.

Due to the base effect, many analysts predicted that the Indian economy would grow at a double-digit rate.

Icra, a ratings organisation, predicted that the gross domestic product will expand by 13% between April and June 2022, whereas State Bank of India predicted a growth rate of 15.7%.

China’s economy grew by 0.4% from April to June 2022.

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