India GDP: The economic growth of India has slowed to 8.4 per cent in the second quarter of 2021-22.
This is the official data as released by the National Statistical Office (NSO) on Tuesday.
GDP had contracted by 7.4 per cent in the corresponding July-September quarter of 2020-21.
“GDP at Constant (2011-12) Prices in Q2 2021-22 is estimated at Rs 35.73 lakh crores, as against Rs 32.97 lakh crores in Q2 2020-21, showing a growth of 8.4% as compared to 7.4% contraction in Q2 2020-21,” said Ministry of Statistics and Programme Implementation.
Also, in the last quarter of April-June, the Indian economy saw record growth of 20.1 per cent as compared with the corresponding period last year.
Owing to the national lockdown over the Covid-19 pandemic had nearly halted all the economic activities.
India’s GDP had contracted 24.4 per cent in April-June 2020. The RBI earlier also projected the real GDP growth rate for July-September at 7.9 per cent.
Core Sector Records 7.5 per cent Growth
When it comes to the eight infrastructure sectors, these saw a growth of 7.5 per cent in October against 0.5 per cent contraction in the year-ago month. This is as per the official data released by the Ministry of Commerce and Industry showed.
Also, the eight-core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
It is worth mentioning that Core sectors‘ growth stood at 4.5 per cent in September 2020.
Furthermore, the agriculture sector continued to grow at 4.5 per cent in the quarter under review. Mining and quarrying grew at 15.4 per cent.
Private Final Consumption Expenditure
PFCE grew 8.6 per cent in Q2 of this financial year as compared with a contraction of 11.2% in Q2 of the previous financial year. In the first half of this financial year, PFCE grew 13.5% as compared to a contraction of 18.7% in the first half of the previous financial year.
The manufacturing sector grew 5.5 per cent in the second quarter. The construction sector, on the other hand, grew 7.5 per cent. Both the sectors posted a moderated growth when compared to last quarter.
Gross Fixed Capital Formation
GFCF grew 11 per cent in Q2 of this financial year as compared with a contraction of -8.55 per cent in Q2 of the previous financial year. In the first half of this financial year, GFCF grew 28.3 per cent as compared to a contraction of 28.4% in the first half of the previous financial year.
Also, crude Oil production declined by 2.2 per cent in October 2021 over October 2020.
However, its cumulative index declined by 2.8 per cent from April to October 2021-22 over the corresponding period of 2020.