India's GDP grows 8.4% in Q2FY22 as coronavirus disruptions eased

01 Dec 2021 Evaluate

India's Gross Domestic Product (GDP) has grown by 8.4 per cent in the second quarter (July-September) of 2021-22, mainly due to waning low base effect and as coronavirus related disruptions eased significantly in the aftermath of a devastating second wave. Data released by the National Statistical Office (NSO) showed that the GDP had contracted by 7.4 per cent in the corresponding July-September quarter of 2020-21. Meanwhile, Indian economy had expanded at a record rate of 20.1% in the first quarter, mainly on account of the low base of last year.

GDP at Constant (2011-12) Prices in Q2 2021-22 is estimated at Rs 35.73 lakh crore, as against Rs 32.97 lakh crore in Q2 2020-21, showing a growth of 8.4 percent as compared to 7.4 percent contraction in Q2 2020-21. Quarterly GVA at Basic Prices at Constant (2011-12) Prices in Q2 2021-22 is estimated at Rs 32.89 lakh crore, as against Rs 30.32 lakh crore in Q2 2020-21, showing a growth of 8.5 percent. GDP at Current Prices in Q2 2021-22 is estimated at Rs 55.54 lakh crore, as against Rs 47.26 lakh crore in Q2 2020-21, showing a growth of 17.5 percent as compared to 4.4 percent contraction in Q2 2020-21. GVA at Basic Prices at Current Prices in Q2 2021-22 is estimated at Rs 49.70 lakh crore, as against Rs 42.54 lakh crore in Q2 2020-21, showing a growth of 16.8 percent.

GDP at Constant (2011-12) Prices in April-September 2021-22 (H1 2021-22) is estimated at Rs 68.11 lakh crore as against Rs 59.92 lakh crore during the corresponding period of previous year, showing a growth of 13.7 percent in H1 2021-22 as against contraction of 15.9 percent during the same period last year. GDP at Current Prices in H1 2021-22 is estimated at Rs 106.77 lakh crore as against Rs 86.15 lakh crores during the corresponding period of previous year, showing a growth of 23.9 percent in H1 2021-22 as against contraction of 13.4 percent during the same period last year.

Meanwhile, manufacturing output increased at a pace of 5.5% during the quarter under review, while construction segment grew 7.5%. Gross fixed capital formation, which is a measure for investments in the economy, surged 11% for the period under review. Private consumption, which is a major contributor to the economy and as measured by Private Final Consumption Expenditure (PFCE) increased by 8.6% in the September quarter. Mining and Quarrying during the quarter surged 15.4%, while electricity, gas, water supply and other utility services output rose 8.9%.

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