New Delhi, Nov 30 (IANS) Higher central fiscal spending as well as consumption recovery and healthy monsoon season accelerated India's Q2FY22 GDP growth rate to 8.4 per cent on a year-on-year basis.Besides, pent-up demand, higher exports along with a rise in service activity amid further improvement in mobility supported the uptrend.The accelerated vaccination drive also played a role in this YoY rise as it brightened consumer sentiments.On a YoY basis, India's GDP growth rate had fallen by 7.4 per cent during the corresponding period of the previous fiscal.On a sequential basis, the GDP growth rate during Q2FY22 was lower than the rise of 20.1 per cent recorded for Q1FY22.India's GDP at constant 2011-12 prices has been estimated at Rs 35.73 lakh crore in Q2FY22, as against Rs 32.97 lakh crore in Q2FY21."GDP at Constant (2011-12) Prices in Q2 2021-22 is estimated at Rs 35.73 lakh crore, as against Rs 32.97 lakh crore in Q2 2020-21, showing a growth of 8.4 per cent as compared to 7.4 per cent contraction in Q2 2020-21," the National Statistical Office (NSO) said in its Q2FY22 GDP estimates."Quarterly GVA at Basic Prices at Constant (2011-12) Prices in Q2 2021-22 is estimated at Rs 32.89 lakh crore, as against Rs 30.32 lakh crore in Q2 2020-21, showing a growth of 8.5 per cent," it added.The GVA includes taxes, but excludes subsidies.In a poll of economists, IANS had on November 29 predicted that based on the consumption recovery, India's GDP Q2FY22 is expected to grow by anywhere between 7 and 9 per cent.On year-on basis, there was a sharp increase in expenditure on public administration, defence and other services, which recorded a growth of 17.4 per cent from (-)9.2 per cent in the like quarter of the previous fiscal and 5.8 per cent in Q1FY22.The Q2GVA for 2021-22 from the agriculture, forestry and fishing sector showed a growth of 4.5 per cent, as against 3 per cent in the corresponding quarter of 2020-21 and 4.5 per cent in Q1FY22.Similarly, the GVA in Q2FY22 from the manufacturing sector grew 5.5 per cent, as compared to a de-growth of (-)1.5 per cent in the like quarter of the previous fiscal and 49.6 per cent in Q1FY22.The mining and quarrying sector increased by 15.4 per cent against previous fiscal's contraction of (-)6.5 per cent and 18.6 per cent in Q1FY22.
--IANS rv/arm
(Disclaimer: This post has been auto published from IANS news agency without any modification to the text and has not been reviewed by editor)
