Mumbai: Official data released by the Union Ministry of Statistics and Programme Implementation has revealed that the gross domestic product (GDP) of the country grew at a record pace in the first quarter of 2021-22 financial year. The GDP growth rate is at 20.1%.
‘GDP at Constant (2011-12) Prices in Q1 of 2021-22 is estimated at Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in Q1 of 2020-21, showing a growth of 20.1% as compared to a contraction of 24.4% in Q1 2020-21’, said a statement issued by the ministry.
‘Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2021-22 is estimated at Rs 30.48 lakh crore, as against Rs 25.66 lakh crore in Q1 of 2020-21, showing a growth of 18.8%’, the statement added.
This is the fastest quarterly expansion of GDP since official growth data was stored from the mid-1990s. But the growth rate has not yet reached 2019 levels.
International ratings agency Icra had earlier said that the high growth in the first quarter of this fiscal would be ‘deceptive’ due to the sharp contraction in the corresponding period a year ago.
The growth rate was dragged down by the second wave of Covid-19 infection. The lockdown imposed in the country had weighed upon the GDP growth rate. But the union government’s decision to not impose a nationwide lock down has also supported the growth rate.