India GDP News Highlights: Country on track to achieve world's fastest growth this year, says govt data

With that it's a wrap to the LIVE updates on the GDP Data for today. Stay safe and good night.

Q1 GDP growth of 20.1% reaffirms imminent V-shaped recovery forecast, says CEA

Q1 GDP reaffirms the government’s prediction of an imminent V-shaped recovery, Subramanian said, adding that India’s economic fundamentals are much better now and it is expected that the economy. Continue Reading

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Q1 GDP growth to set tone for economic revival in coming quarters, says Niti VC

India's growth rebound in the first quarter of this fiscal will be the foundation of sustained expansion in successive quarters, Niti Aayog Vice Chairman Rajiv Kumar said on Tuesday, adding that the country's GDP growth estimates may get revised upwards in the coming weeks.

Sameer Narang, Chief Economist at Bank of Baroda, on GDP Data

We were anticipating a 20 percent kind of increase in the private final consumption expenditure. Even the government side as well given the multitude of lockdowns by different state governments, we did expect that the government spending on the revenues account would be far lower. However what we see is that the government spending ties in quite well with the overall construction spending and that is where the majority of growth is also likely to come in the coming few quarters and years – where government is actually looking at both monetisation as well as spending a lot in terms of building high quality roads, improving the rail network. So all of those principal investments that are being tied up for infrastructure will be a key driver of growth in the coming quarters and years.

Pronab Sen, Former Chief Statistician, on GDP Data

The numbers that have come in are a lot better than any of us had expecting. I was expecting around 16 percent and what this suggests is that the second wave in terms of the pandemic was much worse than the first wave but the fact that there wasn’t a nationwide lockdown seems to have helped the economy alone. What this is saying is the effect of the pandemic on the economy through its various channels is a lot less than the reaction we had to the pandemic. So this is a good news and what it is saying is last year we overreacted.

India poised for stronger growth from structural reforms, govt capex push and rapid inoculation: CEA Subramanian

April-July fiscal deficit stands at Rs 3.21 lakh crore

India's fiscal deficit in April-July stood at Rs 3.21 lakh crore ($43.98 billion) as against Rs 8.21 lakh crore (YoY), government data showed on Tuesday.The deficit figures this fiscal appear much better than the previous financial year, when it soared to 103.1 percent of the estimate, mainly on account of a jump in expenditure to deal with the COVID-19 pandemic. Continue Reading

July inflation moderated despite higher commodity prices; we expect inflation to be less than 6% going forward: CEA.

DK Joshi, Chief Economist of CRISIL, on GDP Data

GDP has come as per our expectations. We were expecting 19 percent growth in GDP with a slight positive bias. The biggest driver of this growth is the base effect, there is no doubt about that. The second learning from this is that the second wave was very virulent as far as the healthcare system is concerned but the economy was not that badly impacted. So there is underlying learning to live with the virus phenomenon which seems to be playing out and which will play out in rest of this fiscal as well.

The economic impact of COVID-19 second-wave not as large; impact on services but not that much on industry: CEA

Ram Raheja - Director, S Raheja Realty, on GDP numbers

With double-digit growth in Q1FY22, the strong recovery can surely be deemed as nothing less than outstanding despite a low base. This GDP reading clearly testifies the resilience of the Indian Economy vs its global counterparts and reinforces the strong fundamentals of the country. The Indian economy has seen a sharp rebound from the onslaught of the COVID-19 pandemic, supported by high government spending, reform measures, monetary policy support, progressive unlocking along with the mega vaccination drive.

CEO and Managing Partner, CRCL LLP on GDP Data

The better-than-expected GDP numbers are room for optimism, especially the growth in the construction sector augur well for the economy. It should result in an increase in credit offtake. There could be some inflationary pressures in the short term. We also see a good pickup in industrial activity across all our clients from varied sectors and remain optimistic on a continuing upswing in the economy.

Here are some of the internals

Real GDP has strongly bounced back in the first quarter of the Financial Year (FY) 2021-22 with a growth rate of 20.1 % as against the contraction of 24.4% witnessed in the Q1 of FY 2020-21: Ministry of Statistics & Programme Implementation