By FnF Correspondent | PUBLISHED: 31, Aug 2021, 19:52 pm IST | UPDATED: 31, Aug 2021, 20:13 pm IST
New Delhi: Reaching a record high, India's gross domestic product (GDP) grew at a massive pace of 20.1 per cent in the first quarter of FY22, as per the provisional estimates of GDP released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.
The government data revealed that the significant growth was helped by a low base of the year-ago period.
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 percent as compared to contraction of 24.4 percent in Q1 2020-21," the NSO said in a statement.
Last year, the pandemic had battered the country's GDP which had contracted by 24.4 per cent during Q1FY21.
In value terms, the GDP stood at Rs 32,38,020 crore in April-June 2021-22, lower than Rs 35,66,708 crore in the corresponding period of the 2019-20 financial year.
The GDP had dipped down to Rs 26,95,421 crore in April-June last year during the nationwide lockdown.
While releasing the data, the NSO also pointed out that with a view to containing the second wave of the pandemic, localised and calibrated lockdowns were imposed during the first quarter of 2021-22.
Restrictions were imposed on the economic activities not deemed essential, as also on the movement of people.
"The lockdown instructions in various states were duly considered by the NSO. The impact on economic activities and the data collection mechanisms owing to COVID-19 pandemic has an effect on the Quarterly GDP estimates also," the release said.
"The impact of these measures on overall economic activity are embedded in source data," it stated.
Construction sector GVA grew by 68.3 per cent compared to 49.5 per cent contraction earlier, whereas agriculture sector GVA growth was up at 4.5 per cent, compared to 3.5 per cent earlier.
Electricity, gas, water supply and other utility services segment grew by 14.3 per cent in the first quarter of this fiscal, against 9.9 per cent contraction a year ago. Likewise, trade, hotel, transport, communication and services related to broadcasting grew by 34.3 per cent compared to 48.1 per cent contraction earlier.
Financial, real estate and professional services grew by 3.7 per cent in Q1 FY22 compared to a contraction of 5 per cent. Public administration, defence and other services grew at 5.8 per cent during the quarter under review, compared to (-) 10.2 per cent a year earlier.
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