• India continued to have the fastest-growing major economy, whereas China saw 0.4% growth in the April to June 2022 quarter.

  

• It is the fastest growth in a year, as the GDP of the nation had previously grown by 4.1% in the preceding quarter (Q4FY22), 5.4% in the quarter ending in December 2021 of FY22, and 8.4% in the quarter ending in September 2021.
• The government’s capital spending on infrastructure saw investments continue to rise in the June quarter.
• Estimates, however, indicated that GDP grew by 3.8% in the first quarter of fiscal 2020 compared to the pre-pandemic period.
• The country’s gross value added (GVA), which is GDP minus net product taxes and reflects increase in supply, increased by 12.7% between April and June 2022, according to the most recent data by the National Statistical Office (NSO).

Comparison with Previous Years

• Following a 24.4% fall in the financial year 2020–21 as a result of a statewide lockdown implemented to fight the COVID–19 epidemic, GDP climbed by 20.1% year over year last year.
• Compared to 2.2% a year ago, the farm sector’s GVA increase in the first quarter was 4.5%.
• However, from 49% in the same quarter last year, the manufacturing sector’s GVA growth dramatically slowed to 4.8% this quarter.
• In the quarter, mining GVA growth is 6.5% compared to 18% in the prior year.
• Additionally, the construction sector’s GVA slowed, falling from 71.3% to 16.8% in the quarter.
• Compared to the same period last year, the electricity, gas, water supply, and other utility services segment expanded by 14.7% in the third quarter.
• GVA growth in the services sector, which includes commerce, lodging, transportation, communication, and broadcasting-related services, was 25.7% in the first quarter compared to 34.3% in the previous quarter.
• Financial, real estate, and professional services all had first-quarter growth of 9.2% over the same period last year.
• In comparison to the first quarter of the previous fiscal, public administration, defence, and other services saw increase of 26.3% instead of 6.2%.
• According to the NSO, the Nominal GDP or GDP at Current Prices is projected to reach Rs 64.95 trillion in Q1 2022–23 as opposed to Rs 51.27 trillion in Q1 2021–22, representing a rise of 26.7% as opposed to 32.4% a year before.

Gross Domestic Product

• GDP calculates the monetary value of the final goods and services, those purchased by the consumer, produced in a nation during a specific time period (say a quarter or a year).
• It accounts for all the output produced inside a nation’s boundaries.
• GDP is made up of products and services generated for market consumption as well as certain non-market production, including government-provided defence or educational services.