India’s Gross Domestic Product (GDP):
India’s Gross Domestic Product (GDP) grew by 20.1% in the first quarter of 2021-22, compared with the 24.4% contraction recorded in the corresponding quarter a year ago, but economic activity remained well below the pre-pandemic levels, thanks to the second wave of COVID-19.
- Gross Value Added (GVA) in the economy during the April to June period rose 18.8%, as per the National Statistical Office (NSO), from a 22.2% dip in the first quarter of 2020-21.
- GVA from agriculture, forestry and fishing, the only sector to grow amid last year’s national lockdown, picked up pace to grow 4.5% in Q1 this year from 3.5% in Q1 2020-21.
- Overall GVA in Q1 was still 7.8% lower than the first quarter of 2019-20, at ₹30,47,516 crore, while GDP remained 9.2% lower, indicating that the economy still has some way to go before it returns to activity levels prevalent prior to the pandemic.
- Electricity, gas, water supply and other utility services, whose GVA grew 14.3% in Q1 of 2021-22, compared with a 9.9% fall last year, was the only sector along with agriculture, forestry and fishing, to recover beyond the pre-pandemic levels of 2019-20.
- The first quarter GDP was even lower than that of the first quarter of 2018-19.