On November 30, 2021, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the estimates of Gross Domestic Product (GDP) for the second quarter (July-September) of 2021-22 (Q2FY22), both at Constant (2011-12) and Current Prices.
- As per the estimates, India’s GDP in Q2FY22 grew by 8.4% as compared to 7.4% contraction (-7.4%) in Q2FY21.
- This is the 4th consecutive quarter of positive growth after a two-quarter contraction in 2020. It reflects a healthy recovery in private consumption expenditure due to the unlocking of economy, and the significant progress on vaccination.
- Also, the Indian economy is expected to grow 6.5-7% in 2022.
Estimates of GDP at Constant in Q2FY22:
GDP at Constant (2011-12) Prices is estimated at Rs 35.73 lakh crore, as against Rs 32.97 lakh crore in Q2FY21.
- Quarterly GVA (Gross Value Added) at Basic Prices at Constant Prices is estimated at Rs 32.89 lakh crore, as against Rs 30.32 lakh crore in Q2FY21, showing a growth of 8.5%.
Estimates of GDP at Current Prices in Q2FY22:
GDP at Current Prices is estimated at Rs 55.54 lakh crore in Q2FY22, as against Rs 47.26 lakh crore in Q2FY21, showing a growth of 17.5% as compared to -4.4% in Q2 FY21.
- GVA at Basic Prices at Current Prices is estimated at Rs 49.70 lakh crore in Q2FY22, as against Rs 42.54 lakh crore in Q2FY21, showing a growth of 16.8%.
GDP at Constant (2011-12) Prices in April-September 2021-22 (H1FY22):
It is estimated at Rs 68.11 lakh crore as against Rs 59.92 lakh crores in H1FY21, showing a growth of 13.7% in H1FY22 as against -15.9% during the same period in 2020.
GDP at Current Prices in H1FY22:
It is estimated at Rs 106.77 lakh crore as against Rs 86.15 lakh crores in H1FY21, showing a growth of 23.9% in H1F22 as against -13.4% in H1FY21.
Sector-Wise Growth in Q2FY22:
Following six segments of the core sector have shown positive growth except for crude oil and refined petroleum products.
i.Agriculture sector showed a growth of 4.5%.
ii.Manufacturing sector grew by 5.5%, reflecting both a recovery in domestic demand and exports.
iii.Electricity, gas, water supply and other utility services segment posted growth of 8.9% against 2.3% expansion in FY21.
iv.Trade, hotel, transport and communication grew by 8.2% as compared to 16.1% contraction (-16.1%) in FY21.
v.Government services including public administration and defence shows 17.4% growth compared to 9.2% contraction (-9.2%) in FY21.
vi.Financial, real estate and professional services growth stood at 7.8% compared to a contraction of 9.1%.
Basis of Assessment:
The Q2FY22 estimates are based on First Advance Estimates of agricultural production during Kharif season of 2021-22 obtained from the Department of Agriculture, Cooperation & Farmers’ Welfare; estimates of production of major livestock products viz, Milk, Egg, Meat and Wool obtained from the Department of Animal Husbandry & Dairying and Fish production data obtained from the Department of Fisheries.
- Index of Industrial Production (IIP), Monthly accounts of Union Government maintained by Controller General of Accounts (CGA) and of State Government maintained by Comptroller and Auditor General of India (CAG) have also been used.
- Performance of key sectors like Transport including Railways, Road, Air and Water Transport, Communication, Banking and Insurance during the period July-September 2021-22 and the performance of the corporate sector during the same period based on data received from BSE/NSE have also been taken into account.
The next release of quarterly GDP estimates for the third quarter (October-December) of 2021-22 (Q3FY22) will be on February 28, 2022.
Recent Related News:
As per the data of the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), India’s Gross Domestic Product (GDP) in the first quarter of financial year 2021-22 (Q1 FY22) (i.e. April to June 2021) grew by 20.1 percent as compared to a contraction of 24.4 (-24.4) percent in Q1 FY21.
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State Independent Charge– Rao Inderjit Singh (Constituency – Gurugram, Haryana)
The Ministry has two wings, one relating to Statistics and the other Programme Implementation. The Statistics Wing called the National Statistical Office(NSO) consists of the Central Statistical Office (CSO), the Computer center and the National Sample Survey Office (NSSO). The Programme Implementation Wing has three Divisions, namely, (i) Twenty Point Programme (ii) Infrastructure Monitoring and Project Monitoring and (iii) Member of Parliament Local Area Development Scheme. Besides these two wings, there is National Statistical Commission created through a Resolution of Government of India (MOSPI) and one autonomous Institute, viz., Indian Statistical Institute declared as an institute of National importance by an Act of Parliament.