India’s Q1 GDP Data Today: India’s GDP data for April-June quarter of FY23 grew in double digits but missed analysts’ estimates

GDP data for April-June 2022 quarter: India’s GDP data for April-June quarter of FY23 grew in double digits but missed analysts’ estimates. India GDP numbers came at 13.5% on-year, as per provisional estimates released by National Statistical Office on Wednesday. India’s GDP had expanded by 20.1 per cent in the corresponding period of the previous fiscal. April-June manufacturing sector grew at 4.8 per cent versus 49 per cent in FY22, while mining sector grew at 6.5 per cent vs 18 per cent on-year. In a separate government data, the central government’s fiscal deficit touched 20.5 per cent of the annual target at the end of July 2022-23 against 21.3 per cent a year ago, reflecting improvement in public finance. In actual terms, the fiscal deficit – the difference between expenditure and revenue – was Rs 3,40,831 crore during the April-July period this financial year. A fiscal deficit is a reflection of government borrowings from the market.

India’s fiscal first quarter GDP rose 13.5 per cent on-year, according to provisional estimates released by the National Statistical Office on Wednesday. India’s April-June economic growth in double digits was on expected lines, but fell short of some high estimates. Many analysts had expected the double digit growth in the first quarter of the current fiscal due to the base effect. An ET Now poll of economists predicted 14.3% growth, while a CNBC TV18 poll forecast it at 15%. Asia’s third-largest economy’s GDP had expanded by 20.1 per cent in the same quarter a year ago.

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The next GDP estimates for the quarter July-September 2022 will be released on 30 November 2022. Earlier this month, the Reserve Bank of India (RBI) in its monetary policy meeting said that the GDP growth rate will likely be around 16.2 per cent in the first quarter of this fiscal year. Private consumption witnessed a growth of nearly 26 per cent on-year in April-June 2022, the data showed.

In a separate government data, the central government’s fiscal deficit touched 20.5 per cent of the annual target at the end of July 2022-23 against 21.3 per cent a year ago, reflecting improvement in public finance, as per official data released on Wednesday. In actual terms, the fiscal deficit – the difference between expenditure and revenue – was Rs 3,40,831 crore during the April-July period this financial year. A fiscal deficit is a reflection of government borrowings from the market.

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Ahead of GDP data, the output of eight core infrastructure sectors came in at 4.5 per cent against 9.9 per cent in the year-ago period, according to official data released on Wednesday. This was the slowest in six months. The production growth of eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — was 11.5 per cent in April-July this fiscal against 21.4 per cent a year ago.

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