India Q2 GDP: The government has released the country’s GDP figures for the financial year 2021-22. In the second quarter of the financial year 2021-22, the country’s GDP has been 8.4 percent. Earlier in the June quarter, India’s GDP was 20.1 percent. India’s economy grew at the fastest rate ever in the June quarter. The low base was due to the record drop from a year ago. With this there was a recovery in the manufacturing and construction sectors as well.
The fiscal deficit during April-October stood at 36.3 per cent of the full year target. The total tax receipt has been Rs 10.53 crore. While the total expenditure has been Rs 18.27 lakh crore. The government had projected the fiscal deficit to be at 6.8 per cent this year. In the same period last year, the physical deficit that is the difference between expenditure and revenue was 119.7 percent of the budget estimate for 2020-21.
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The deficit at the end of October stood at Rs 5,47,026 crore. The annual estimate was Rs 15.06 lakh crore. The fiscal deficit for 2020-21 stood at 9.3 per cent of GDP, better than the 9.5 per cent projected in the budget in February.
Most experts had estimated GDP growth in the second quarter to be between 7.5 percent and 8.5 percent. A Reuters survey of 44 economists indicated that India’s economy is expected to grow at 8.4 per cent in the second quarter.
RBI had projected India’s GDP growth to be 9.5 percent in the financial year 2022. In August, IIP growth stood at 11.9 per cent, which was higher than July’s 11.5 per cent. At the same time, manufacturing and services were also good.
Rating agency ICRA has estimated GDP growth at 8.3 percent in the second quarter. At the same time, it is estimated to remain at 9.4 percent for the whole year. The agency has attributed the growth in agriculture to more than 3 per cent in nine consecutive quarters as the reason behind the good growth. The agency says that this will increase the cost of customers and it will also increase personal consumption.
At the same time, GDP growth in SBI Research was estimated to be around 8.1 percent. While GVA was reported at 7.1 per cent. He had said that India’s growth rate of 8.1 percent in the second quarter is the highest among all the economies.
In the month of September this year, the Industrial Production Index (IIP) registered a rise of 4.4 percent. This figure stood at 126.7.
GDP is the total value of the production of goods and services during a given period of time within the geographical boundaries of the country. GDP growth rate is an important indicator of the economic performance of a country.
