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

India’s GDP growth for April-June quarter of FY23 has increased at 13.5%. 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 per cent 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 ratings firm, predicted that the gross domestic product will expand by 13% between April and June 2022, whereas 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 per cent in the first quarter of this fiscal year. China registered an economic growth of 0.4 per cent in April-June 2022.

The Reserve Bank of India (RBI) stated earlier this month that the first quarter of 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%.