The Indian economy’s growth rate of 8.4 percent in the third quarter
The Indian economy’s growth contracted in the 2020-21 fiscal year as the coronavirus disease (Covid-19) pandemic imposed restrictions on business activity. However, the gradual removal of restrictions has aided the economy’s recovery from pandemic lows.
According to data released by the government on Tuesday. India’s Gross Domestic Product (GDP) increased by 8.4% in the 2nd quarter of the current fiscal year. The ministry of statistics and program implementation published GDP estimates at both constant and current prices. According to the data, the economy has surpassed its pre-Covid level.
“GDP at Constant (2011-12) Prices in Q2 2021-22 is estimated at 35.73 lakh crore. Compared to 32.97 lakh crore in Q2 2020-21, representing an 8.4% increase as compared to a 7.4% contraction in Q2 2020-21,” the ministry said. According to the ministry, at current prices. GDP is estimate to be 55.54 lakh crore, up from 47.26 lakh crore in Q2 2020-21, representing a 17.5% increase over the same period last year.
The Indian economy contracted in the 2020-21 fiscal year (April 2020 to March 2021). As a coronavirus disease (Covid-19) pandemic imposed restrictions on business activity.
The gradual removal of restrictions, fiscal and monetary measures, and a stimulus package worth Rs. 20 lakh crore has aided the economy’s recovery from pandemic lows.
“GDP at Constant (2011-12) Prices in April-September 2021-22 (H1 2021-22) is estimated at 68.11 lakh crore as against 59.92 lakh crores in the same period last year. Showing a growth of 13.7% in H1 2021-22. As against a contraction of 15.9% in the same period last year,” the ministry tell in a release.
According to government data, the manufacturing sector’s gross value added (GVA) increased to 5.5 percent in the 2nd quarter of 2021-22, up from 1.5 percent the previous year.
According to the National Statistical Office (NSO) data, the electricity, gas, water supply. And other utility services segment grew by 8.9 percent compared to a 2.3 percent expansion a year ago. In contrast, trade, hotel, transportation, and communication increased by 8.2 percent compared to 16.1 percent contraction previously.
Financial, real estate, also professional services growth was 7.8 percent in the most recent quarter. Compared to a 9.1 percent contraction in the previous quarter. Similarly, defense and other services grew 17.4% in the September quarter, compared to a 9.2% contraction the last year.
