India's GDP Grows At 13.5 pc In April-June Quarter, Misses Estimates

India's gross domestic product surged 13.5% in the June 2022 quarter (Q1FY23) as compared with 20.1% in Q1 2021-22, as per the latest official data released on Wednesday. It is worth noting that the country's GDP had grown at 4.1 % in the previous quarter (Q4FY22).

According to an official statement, "Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 per cent as compared to 20.1 per cent in Q1 2021-22."

Earlier, many analysts believed the Indian economy would expand at a double-digit growth rate due to base effect, according to a PTI report.

According to rating agency ICRA the Gross Domestic Product (GDP) expected to grow at 13%, while State Bank of India in its report pegged the growth rate at 15.7%, as per the PTI report.

Last year, the GDP growth rate was 20.1% in the April-June quarter.

Earlier on Tuesday EAC-PM Chairman Bibek Debroy said India can become an upper-middle-income country by 2047 if it manages to achieve a sustained growth rate of 7-7.5 per cent for the next 25 years. The country can become a $20 trillion economy by 2047 at this growth rate, he added.

Earlier this month, in its monetary policy meeting, the Reserve Bank of India (RBI) said the GDP growth rate is likely to be around 16.2% in the first quarter of this fiscal year, added the PTI report.