New Delhi: Gross Domestic Product India (GDP) for the first quarter ended June 30, 2021 soared to record 20.1 percent, data released by the government showed on Tuesday.
“GDP at Constant (2011-12) the price of Q1 from 2021-22 is estimated at the Crore RS 32.38 Lakh, by opposing Rs 26.95 Lakh Crore at Q1 2020-21, showing growth of 20.1 percent compared to contractions 24, 4 percent in Q1 2020-21, “said Ministry of Statistics and programs in official press releases.
Jump in the number of GDP was mainly due to a weak base last year and also rebounded in consumer spending during the quarter.
The Indian economy witnessed a rebound regardless of the obstacles caused by the second and more severe waves of Covid-19 which forced the majority of the country to handle Lockown and stopped mobility completely from the beginning of June.
However, the impact of the state-wise locking was not as severe as the national locking imposed last year during the first wave.
This is the fastest quarterly growth witnessed by India because the data was released in the mid-1990s.
Give media direction after the number release, Head of Economic Advisor Krishnamurthy Subramanian said that India was ready for stronger growth of structural reform, Govt Capex Push and fast vaccination.
“Our macroeconomic fundamentals, whether it is inflation, the current account deficit, forex reserves, and all other metrics clearly show that our fundamentals are very strong,” he said.
What is meant by ‘low basic effects of the main reason for this phenomenal surge in GDP is a low basic effect.
That means the basic year or month compared to that number.
For quarterly or annual GDP data, comparisons are always made with the same quarter last year or growth during GDP last year.
Q1 GDP growth of 20.1% percent is compared with GDP data recorded in the same quarter last year.
When the pandemic attacked in 2020, the government imposed a strict national locking to curb the spread of the virus.
It has a big impact on the growth of Q1 GDP which slumped with a record 24.4 percent to Rs 26.95 lakh crore compared to Rs 35.7 lakh Crore reported in Q1 2019-20.
The period considered, the GDP figure was at the RS 32.38 Lakh Crore, up 20.1 percent from Rs 26.95 Lakh Crore reported in Q1 from 2020-21.
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