In a telltale sign that the country’s economy is on its path to recovery after the coronavirus-induced downturn, statistics from April to June quarter suggest India’s quarterly GDP grew by 20 per cent, a highest-ever GDP growth in a single quarter.
“GDP at Constant (2011-12) Prices in Q1 of 2021-22 is estimated at Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in Q1 of 2020-21, showing a growth of 20.1 per cent as compared to a contraction of 24.4 per cent in Q1 2020-21,” said the statement released by Ministry of Statistics and Programme Implementation.
In consistent with the predictions made by the economists earlier, the country’s GDP rose by 20.1 per cent in the first quarter of the current financial year as against the same period a year ago when the first wave of coronavirus-induced lockdown had resulted in the economic contraction of 24.4 per cent.
In addition to the GDP, the Gross Value Added (GVA) has also grown at 18.8 per cent in the first quarter. “Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2021-22 is estimated at Rs 30.48 lakh crore, as against Rs 25.66 lakh crore in Q1 of 2020-21, showing a growth of 18.8 per cent,” the statement added.
The GDP growth of 20.1 per cent is the highest quarterly expansion since official growth statistics were stored from the mid-1990s. This is almost 13 times the 1.6 per cent GDP growth registered in the fourth quarter of FY21.
However, it is worth noting that despite the record economic recovery in the first quarter of FY21, the numbers are yet to reach the pre-COVID levels.
The bounce back in GDP could have been even higher if the country had not suffered the devastating second wave of coronavirus, which forced the administrations across the nation to impose localised restrictions. It was reported that at one point in time more than 98 per cent of the country was under some kind of lockdown.
One of the reasons why the country witnessed a swift recovery during the second wave could be attributed to the Centre’s decision of not imposing a nationwide lockdown and restrictions as rigorous as those imposed during the initial wave.
