India's GDP grows at 13.5 % in April-June 2022-23

India's GDP growth for the April-June quarter of this year has increased to 13.5%. National Statistical office (NSO) has released the numbers today

India's GDP growth for the April-June quarter of FY23 has increased to 13.5%. The National Statistical Office (NSO) has released the numbers today. GDP growth rate data are calculated on year to year basis. It is to be noted that RBI predicted the GDP growth rate to touch 16.2 percent in Q1 FY23.

According to official figures released on Wednesday, India's GDP expanded by 13.5% in the first quarter of the current fiscal year, primarily as a result of the base effect. According to information provided by the National Statistical Office, the gross domestic product (GDP) increased by 20.1% in the same April-June period of 2021–22. (NSO).

Due to the base effect, many economists predicted that the Indian economy would grow at a double-digit rate. ICRA, a rating firm, predicted that the gross domestic product will expand by 13% between April and June 2022, whereas the State Bank of India predicted a growth rate of 15.7%.

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 percent in the first quarter of this fiscal year. China registered an economic growth of 0.4 percent in April-June 2022.

The Reserve Bank of India (RBI) stated earlier this month that the first quarter of the current fiscal year's GDP growth rate is projected to be in the range of 16.2%. In the four months from April to June 2022, China's economy grew by 0.4%.

Meanwhile, the RBI has raised its benchmark repo rate by 140 basis points (bps) since May, including 50 bps this month, while warning about the impact of a global slowdown on domestic growth prospects.

Consumer spending, which accounts for nearly 55 percent of economic activity, has been hit hard following a rise in prices of food and fuel, though monthly inflation has moderated in the past three months.

Consumer price-based or retail inflation slipped in July to 6.71 per cent as against 7.01 per cent recorded in June, and 7.04 per cent in May.

The Q2 FY23 GDP numbers would be released on November 30, 2022.

Further, another set of data released today showed that the output of eight core infrastructure sectors slowed down to 4.5 per cent in July -- the lowest in six months -- against 9.9 per cent in the year-ago period.

The output of these infrastructure sectors expanded by 13.2 per cent in June, 19.3 per cent in May, 9.5 per cent in April, 4.8 per cent in March, 5.9 per cent in February and 4 per cent in January.