India's GDP witnesses an uptick of 20.1% in April-June quarter of FY 2021-22

The Gross Domestic Product for the April-June quarter of the financial year witnessed an uptick of 20.1%, as per press release. Notable, the GDP revived from a contraction of 24.4 per cent in the previous quarter.

New Delhi: The Gross Domestic Product for the April-June quarter of the financial year witnessed an uptick of 20.1 %, as per press release. Notable, the GDP revived from a contraction of 24.4 per cent in the previous quarter. The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation stated in its release that restrictions imposed in the wake of Covid-19 pandemic have an effect on the quarterly GDP estimates.

The GDP at constant prices is estimated at Rs 32.38 lakh crore while in the previous quarter it was Rs 26.95 lakh crore. The gross value added (GVA) burgeoned by 18.8 per cent. The GVA at constant prices is estimated at Rs 30.48 lakh crore, as against Rs 25.66 lakh crore in the previous quarter.

At current prices, the GDP showed a growth of 31.7 per cent as compared to 22.3 per cent in the previous quarter, that is Rs 51.23 lakh crore and Rs 38.89 lakh crore respectively. Meanwhile, at Current Prices, GVA witnessed a growth of 26.5 per cent.

The press release stated that the estimates were based on data sources from various ministries /departments/private agencies. For agriculture and allied activities, the first-quarter estimates are based on agricultural production targets for 2021-22 obtained from the department of agriculture, cooperation and farmers’ welfare. Further, monthly accounts of Union and State governments expenditure maintained by Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) respectively for the period April-June 2021 have been used.

Performance of key sectors like transport including Railways, road, air and water transport etc., Communication, Banking and Insurance during this period have also contributed to the GDP value. Data received from the Bombay Stock Exchange and National Stock Exchange were also used along with Goods and Service Tax data, e-way bills.