Sunday, September 19, 2021

Indian economy grows by 20.1% in first quarter of current financial year

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 on Tuesday, 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, CEA 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. He also said, MNREGA work requirement has declined in August. He said, power consumption is indicating strong recovery as well.

- Advertisement -
Latest news

Two people killed, 21 others injured in four separate explosions in Afghanistan

In Afghanistan, at least two people were killed and 21 others injured in four separate explosions today. According to local public health officials, two...

PM Modi expresses shock over death of seven girls due to drowning in Jharkhand’s Latehar district

Prime Minister Narendra Modi has expressed shock on the loss of young lives due to drowning in Latehar district of Jharkhand. In a tweet,...

Russia to hold elections to lower house of its Parliament from Friday

Russia is holding elections to the State Duma, the lower house of Parliament from Friday. The voting will take place till Sunday over a...
Related news

Two people killed, 21 others injured in four separate explosions in Afghanistan

In Afghanistan, at least two people were killed and 21 others injured in four separate explosions today. According to local public health officials, two...

PM Modi expresses shock over death of seven girls due to drowning in Jharkhand’s Latehar district

Prime Minister Narendra Modi has expressed shock on the loss of young lives due to drowning in Latehar district of Jharkhand. In a tweet,...

Russia to hold elections to lower house of its Parliament from Friday

Russia is holding elections to the State Duma, the lower house of Parliament from Friday. The voting will take place till Sunday over a...