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New Delhi: The Indian economy grew at a record pace in the April-June 2021 quarter, compared to the same quarter last year, which is when the country was in the midst of an unprecedented national lockdown due to the COVID-19 pandemic.
According to government data released on Tuesday (August 31) evening, GDP in Q1 FY’22 rose by 20.1% aided by the low base last year, while GVA growth in Q1 FY’22 was at 18.8%.
In the January-March quarter, GDP rose by 1.6%, while GVA rose by 3.7%.
India’s GDP at constant prices (2011-12) in the first quarter stood at Rs 32.38 lakh crore — which is still lower than the Rs 35.35 lakh crore seen in the first quarter of 2019-20, signaling that the country is yet to fully emerge from the Covid-induced slump.
Median estimates of 23 economists polled by Bloomberg had projected GDP to rise by 21% in the first quarter, while GVA is expected to rise by 19.3%.
“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% in Q1 2020-21. 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%,” said Ministry of Statistics & Programme Implementation in a statement.