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New Delhi: India’s economy grew by 13.5% in the first quarter of the current fiscal (2022-23), mainly due to the base effect, official data showed on Wednesday, August 31.
It was down from the 20.1% recorded in the corresponding April-June period of 2021-22, according to data released by the National Statistical Office (NSO).
The GDP for the January-March quarter (Q4) of 2021-22 had witnessed a growth of 4.1% on account of better performance by manufacturing, mining and construction sectors.
Many analysts had projected the Indian economy will expand at a double-digit growth rate due to the base effect.
Earlier this month, in its monetary policy meeting, the Reserve Bank of India (RBI) said that the GDP growth rate is likely to be around 16.2% in the first quarter of this fiscal year.
China registered an economic growth of 0.4% in April-June 2022.
The Ministry of Commerce and Industry also released the monthly core sector data of eight industries — coal production (up 11.4%), crude oil production (down 3.8%), natural gas production (down 0.3%), refinery products (up 6.2%), fertiliser production (up 6.2%), steel production (up 5.7%), cement production (up 2.1%) and electricity production (up 2.2%).
Separately, as per official data, the Union government’s fiscal deficit touched 20.5% of the annual target at the end of July 2022-23 against 21.3% a year ago, reflecting improvement in public finance.
In actual terms, the fiscal deficit – the difference between expenditure and revenue – was Rs 3,40,831 crore during the April-July period this financial year.
A fiscal deficit is a reflection of government borrowings from the market.
(With PTI inputs)