GDP recorded at 8.4 percent for Q2 2021
The Indian GDP (Gross Domestic Product) growth rate for the second quarter of FY 2021-22 reached 8.4%, as against 7.4% contraction in the corresponding period of the previous financial year. According to government data, the economic recovery has strengthened in the July-September quarter. Accelerating consumer spending helped. However, the spread of the new variant of the corona virus raises apprehensions for further recovery.
According to the data of the Ministry of Statistics & Program Implementation, the GDP in Q2 2021-22 is estimated to be Rs 35.73 lakh crore while in the second quarter of 2020-21 it was Rs 32.97 lakh crore.
The Indian economy expanded by 1.6% and 20.1%, respectively, in the January-March and April-June quarters, according to the data. The economy grew 20.1% in the first quarter of FY12. According to experts, India’s economic recovery strengthened in Q2FY22. Asia’s third-largest economy is recovering from last year’s deep recession, fueled by rising vaccination rates and sharply accelerated government spending.
In October, the Reserve Bank of India retained its growth forecast for FY12 at 9.5%. The economy is expected to grow at 7.9% in the second quarter. RBI said 6.8% in Q3; and 6.1% in Q4 of 2021-22. Economists have said the economy is growing on the back of agricultural sector growth, but slowing global growth, rising manufacturing prices as well as the new version of Covid-19 could put risks.
