New Delhi: Indicating sharp recovery in the COVID-hit economy, India’s economy grew at a record pace of 20.1% in the April-June quarter (Q1) of the current financial year. The record rise in Q1 GDP data can also be attributed to low base in the Q1 of last fiscal. In the corresponding quarter of previous fiscal, India had posted the sharpest contraction on record of 24.4% due to the impact of one of the strictest lockdowns imposed to prevent the spread of Covid.
“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 percent as compared to contraction of 24.4 percent in Q1 2020-21. 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 percent” said a government release.