Data on the current Gross Domestic Product (GDP): According to preliminary estimates made public by the National Statistical Office (NSO) on Wednesday, India's gross domestic product (GDP) increased 13.5% during the first quarter of the current fiscal year 2022–23. In the corresponding quarter of 2021–2022, the GDP had increased by 20,1%.
In the first quarter of the current fiscal year 2022–23 (FY23), economists predicted that India's economy will expand by double digits, with real GDP growth rates expected to range between 13 and 16.2%. According to them, growth was likely boosted by a base effect of 20,1% growth in the same time the previous year, a reduction in the impact of the Russia-Ukraine war, and an uptick in service sector activity.
The GDP for the preceding January-March quarter (Q4) of 2021-22 had witnessed a growth of 4.1 per cent.
As per the government data, the gross value added (GVA) at basic price at constant terms during the June quarter rose 12.7 per cent. The GVA at Basic Price at Current Prices rose 26.5 per cent in Q1 2022-23.
As per the data by the NSO, the GVA of public administration, defense & other services witnessed a rise of 26.3 percent while that of trade, hotels, transport, communication & services related to broadcasting climbed 25.7 per cent.
The construction segment grew 16.8 per cent while electricity, gas, water supply & other utility services rose 14.7 per cent. The agriculture, forestry & fishing segment witnessed a 4.5 percent rise in GVA, the data showed.
Fiscal Deficit:-
In separate government data, the Centre’s fiscal deficit touched 20.5 per cent of the annual target at the end of July 2022-23 against 21.3 per cent 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.
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