India GDP Data: The country’s Gross Domestic Product (GDP) registered a growth of 20.1 percent in the first quarter of the financial year 2021-22. This year’s growth rate has been high due to the lower base of the first quarter a year ago. Chief Economic Adviser K.V. Subramaniam said the GDP figures for the first quarter confirmed the V-shaped revival forecast in the economy expressed by the government last year.
This information has been given in the data released on Tuesday by the National Statistical Office (NSO). According to this, there was a decline of 24.4 percent in the gross domestic product (GDP) in the April-June quarter of the last financial year 2020-21.
The government had imposed a nationwide ‘lockdown’ from March to May last year to prevent the Kovid-19 epidemic. China’s growth rate has been 7.9 percent in the April-June quarter of 2021.
Earlier, SBI Research report Ecowrap had said that according to the ‘Nowcasting model’, the GDP growth rate in the first quarter is estimated to be 18.5% (with an upward slant). The report, however, clarified that the higher growth rate in the first quarter of the financial year is due to the lower base effect of last year. Nowcasting model was developed by State Bank of India (SBI) with 41 highly cyclical indicators.
The report had estimated that the Gross Value Added (GVA) in the first quarter would be 15%. It said that the first quarter results of companies show that there has been a significant improvement in corporate GVA, EBIDTA (earnings before interest, tax, depreciation and amortization plus employee cost).
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SBI Ecowrap Report: Good news on the economic front, GDP growth expected to be 18.5% in the April-June quarter