India’s economic growth rose to 13.5 per cent in the first quarter of the current fiscal (2022-23), a huge jump from 4.1 per cent growth recorded in the final quarter of 2021-22.

This is the first double digit growth in GDP figures in a year, as the last double digit growth was 20.1 per cent recorded in first quarter of 2021-22.

“Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 percent as compared to 20.1 percent in Q1 2021-22,” a statement issued by National Statistical Office (NSO) said.

The 13.5 per cent growth in the first quarter of the current fiscal is below Reserve Bank of India’s (RBI) forecast of 16.2 per cent. Rating agency ICRA had projected a growth of 13 per cent in the first quarter of the current fiscal.

After recording a 20.1 per cent growth in the first quarter of 2021-22, GDP growth had consistently fell during the entire quarter. In the second quarter of 2021-22, it slid to 8.4 per cent, in the third quarter, it further fell to 5.4 per cent while in the fourth quarter of the previous fiscal, it came down to 4.1 per cent.

The RBI has projected the economy’s growth at 7.2 per cent for the current financial year. GVA in the farm sector was a healthier 4.5 per cent as against 2.2 per cent a year ago. But GVA growth in manufacturing fell 4.8 per cent as against a rise of 49 per cent during the year-ago period. GVA growth in mining was 6.5 per cent compared to 18 per cent.The GVA in the construction sector also fell to 16.8 per cent from 71.3 per cent. The electricity, gas, water supply and other utility services segment grew by 14.7 per cent in the quarter compared to 13.8 per cent a year ago.

GVA growth in the services sector was 25.7 per cent during the first quarter against 34.3 per cent. Financial, real estate and professional services grew by 9.2 per cent in the first quarter over 2.3 per cent earlier.