New Delhi: India’s Gross Domestic Product (GDP) in the first quarter (April-June) of this fiscal year grew by 13.5%, but lower than broadly predicted by economists and the Reserve Bank of India.
According to the data released by the National Statistical Office (NSO) on Wednesday the real GDP at constant (2011-12) prices in Q1 2022-23 is estimated to attain a level of ₹ 36.85 lakh crore as against ₹ 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 percent as compared to 20.1 percent in Q1 2021-22.
“Nominal GDP or GDP at current prices in Q1 2022-23 is estimated at ₹ 64.95 lakh crore, as against ₹ 51.27 lakh crore in Q1 2021-22, showing a growth of 26.7 percent as compared to 32.4 percent in Q1 2021-22,” it said in a statement.
GDP is derived as the sum of the gross value added (GVA) at basic prices, plus all taxes on products, less all subsidies on products. The total tax revenue used for GDP compilation includes Non-GST Revenue as well as GST Revenue.
The latest information available on the website of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products and subsidies on products at Current Prices.
For obtaining Taxes on Products at Constant Prices, volume extrapolation is done using volume growth of taxed goods and services and aggregated to get the total volume of taxes. Latest available data on the CGA and CAG websites for Revenue Expenditure, Interest Payments, Subsidies etc., was used for estimating Government Final Consumption Expenditure (GFCE).
Improved data coverage and revision in input data made by source agencies would have a bearing on subsequent revisions of these estimates. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take these into consideration while interpreting the figures.
The next release of quarterly GDP estimates for the quarter July-September, 2022 (Q2 2022-23) will be on 30.11.2022.