India's GDP grows at 20.1% in April-June 2021 compared to Q1 2020-21: Government Data

In a massive development, the Ministry of Statistics and Programme Implementation (MoSPI) has announced a growth in India's GDP by 20.1 percent in the April-June 2021 quarter as compared to the first quarter of the 2020-21 financial year.

The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO).

The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year, compared to which the economy has rebounded. China has recorded a growth of 7.9 per cent in the April-June period of 2021.

India's GDP bounces back

A better-than-expected manufacturing performance, a milder hit to services and a rebound in consumer spending helped the Q1 growth in spite of the second wave of COVID cases. The period from April to June had less stringent lockdown norms than in the same period of last year with demand staying resilient.

Besides, steady growth in exports, as well as a robust performance of the agricultural sector, is expected to give a push to GDP growth in the current fiscal year.

GDP is derived as the sum of the gross value added (GVA) at basic prices plus all taxes on products less all subsidies on products. The total tax revenue used for GDP compilation includes non-GST revenue and GST revenue.

"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, marking a growth of 20.1% as compared to contraction of 24.4% in Q1 2020-21," said the National Statistical Office (NSO) in its official release.

Quarterly GVA (Gross Value Added) 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%.

GDP at current prices in the year Q1 2021-22 is estimated at Rs 51.23 lakh crore as against Rs 38.89 lakh crore in Q1 2020-21, showing a growth of 31.7% as compared to contraction of 22.3% in Q1 2020-21.

GVA at basic price at current prices in Q1 2021-22 is estimated at Rs 46.2 lakh crore as against Rs 36.53 lakh crore in Q1 2020-21, showing a growth of 26.5%

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(Image Credits: PTI)