WEB DESK
India’s economy grew 13.5 per cent in the April-June quarter from a year ago, its fastest annual expansion in a year, but lower than broadly predicted by economists, analysts and the Reserve Bank of India.
Gross domestic product (GDP) in the three months to June 30 was 13.5 per cent higher than a year earlier, compared to 4.1 per cent in the January to March quarter.
The last time GDP hit a higher annual growth was in April-June 2021 when it was 20.1 per cent higher than the pandemic-depressed level of a year before.
China’s economy grew 0.4 per cent in the April-June quarter.
The Reserve Bank of India (RBI) stated earlier this month that the GDP growth rate would probably be around 16.2 per cent in the first quarter (April-June) of this fiscal year.
A Reuters poll of economists had predicted the economy would grow 15.2 per cent year-on-year in the April-June quarter. Many prominent analysts had also projected that the Indian economy would expand at a double-digit growth rate due to the base effect.
PTI reported that rating agency ICRA had predicted that the GDP was likely to grow at 13 per cent, while the State Bank of India, in its report, projected the growth rate at 15.7 per cent for April-June 2022.