February 7, 2023

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India’s GDP rose 13.5% year-on-year in the second quarter

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This content was published on 31 Aug 2022 – 12:06


India’s economy, measured by gross domestic product, grew 13.5% year-on-year in the second quarter of the year, according to National Bureau of Statistics data released on Wednesday, showing a post-pandemic recovery.

This is the highest growth rate since the second quarter of 2021. After contracting 24.4% in the second quarter of 2020, India’s gross domestic product (GDP) grew 20.1% during the period coinciding with the lockdown due to Covid. -19 pandemic.

Asia’s third-largest economy has rebounded strongly since the pandemic, with one of the world’s fastest growth rates, but has suffered from strong inflation due to rising commodity prices.

According to State Bank of India Chief Economic Adviser Soumya Gandhi Ghosh, despite the uncertainties, India’s situation is good as “some leading indicators continue to accelerate”.

Ghosh said the increase in capital inflows in August indicated an improvement in investor sentiment.

However, Wednesday’s figures came in lower than expected as the Reserve Bank of India (RBI) bet on 16.2% growth.

Rising crude oil prices and a 7% fall in the rupee have hit the cost of living this year and worsened India’s trade balance.

The country’s trade deficit widened to $31 billion in July from $10.6 billion in the same month last year.

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