India's GDP for Q1 FY22 up over 20.1% at Rs32.38 lakh crore

Quarterly gross value added (GVA) at basic, constant (2011-12) prices for Q1 of 2021-22 is estimated at Rs30.48 lakh crore, against Rs25.66 lakh crore in Q1 of 2020-21, showing a growth of 18.8 per cent, data released by the ministry of statistics and programme implementation showed.

GDP at current prices in the year Q1 2021-22 is estimated at Rs51.23 lakh crore, against Rs38.89 lakh crore in Q1 2020-21, showing a growth of 31.7 per cent against a contraction of 22.3 per cent in Q1 2020-21. 

GVA at basic current prices in Q1 2021-22 is estimated at Rs46.20 lakh crore, against Rs36.53 lakh crore in Q1 2020-21, showing a growth of 26.5 per cent.

The quarterly estimates of national accounts are indicator based and data sourced from various ministries / departments/private agencies serving as inputs in the compilation of the estimates. For agriculture and allied activities, the first quarter estimates are based on agricultural production targets for 2021-22.

The estimates also are based on the Index of Industrial Production (IIP), monthly accounts of union and state governments expenditure maintained by Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG), respectively, for the period April-June 2021.

Performance of key sectors like transport, including railways, road, air and water transport etc, communication, banking and insurance during this period has been considered while compiling the estimates. Performance of the corporate sector in the first quarter based on data received from BSE/NSE has also been taken into account. 

Additional data sources like GST data, e-way bills have also been put to use.

GDP is derived as the sum of gross value added (GVA) at basic prices, plus all taxes on products, less all subsidies on products. The total tax revenue used for GDP compilation includes Non-GST Revenue and GST Revenue. The latest information on the website of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products and subsidies on products at current prices.  

With a view to contain the second wave of the Covid-19 pandemic, localised and calibrated lockdowns were imposed during the first quarter of 2021-22. Restrictions were imposed on the economic activities not deemed essential, as also on the movement of people. The lockdown instructions in various states were duly considered by the National Statistical Office. The impact on economic activities and the data collection mechanisms owing to SARS-CoV-2 pandemic has an effect on the quarterly GDP estimates also. The impact of these measures on overall economic activity are embedded in source data, says a government release.