GDP: The country's economy is gaining momentum, GDP was 13.5 percent in the first quarter of 2022-23

Pankaj Prasad
GDP in first quarter of 2022 23
GDP in first quarter of 2022 23

The country's economy has grown at the rate of 13.5 percent in the first quarter (April-June) of the current financial year.

GDP Growth: The country's economy has grown at the rate of 13.5 percent in the first quarter (April-June) of the current financial year. This information has been received from the data released on Wednesday by the National Statistical Office (NSO). In the April-June quarter of the previous financial year (2021-22), the GDP growth rate was 20.1 percent. Considering the comparative basis, many analysts had projected the country's economic growth rate to be in double digits.

GDP growth rate at 13 percent: Rating agency ICRA had projected the GDP growth rate to be 13 percent in the first quarter of the current financial year, while a report of State Bank of India had projected it to be 15.7 percent. In the monetary policy review this month, the Reserve Bank of India had projected the GDP growth rate to be around 16.2 percent in the first quarter of 2022-23. China's growth rate in the April-June quarter of 2022 has been 0.4 percent.

Fiscal deficit at 20.5 percent of annual target: The country's economy is showing growth in the first quarter, but the fiscal deficit of the Center has reached 20.5 percent of the annual target by the end of the first four months of the current financial year. It was 21.3 per cent in the same period a year ago. According to official data released on Wednesday, this figure reflects an improvement in the state of public finances. The difference between expenditure and revenue is called fiscal deficit.

According to the data released by the Controller General of Accounts (CGA), the receipts of the government, including taxes, in the first four months have reached Rs 7.85 lakh crore or 34.4 percent of the budget estimate for 2022-23. It was almost the same i.e. 34.6 percent during the same period a year ago. At the same time, tax revenue stood at Rs 6.66 lakh crore or 34.4 percent of the budget estimate for the current financial year. Last year too, the government had managed to get 34.2 per cent of its annual estimate during April-July.