India's GDP Grows At 13.5% During April-June 2022 Quarter; Fastest In A Year. https://www.news18.com/news/business/indias-q1-gdp-grows-at-13-5-5861197.html “Real GDP or gross domestic product (GDP) at constant (2011-12) prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 per cent as compared to 20.1 per cent in Q1 2021-22," according to an official statement.
Be aware what the '15% growth' means https://www.deccanherald.com/opinion/be-aware-what-the-15-growth-means-1139973.html Vivek Kaul, Aug 28 2022 While the economic situation is better than it was when the Covid pandemic hit, the economy has barely grown in the last three years
the 15.2 per cent growth expected during April to June 2022 is primarily on account of the base effect. The GDP from
April to June 2021 was Rs 32.46 lakh crore - the height of the second COVID wave
April to June 2020, under a total lockdown at Rs 27.04 lakh crore.
April to June 2019 had stood at Rs 35.49 lakh crore.
Comment which means that we have just about crossed the pre-COVID level three years ago by 1 per cent.
GDP Estimates — Smoke And Mirrors With Economic Statistics . Sridhar | 01 Sep 2022 https://www.newsclick.in/GDP-estimates-smoke-mirrors-economic-statistics
Growth, expressed in percentages is misleading, particularly in a period when underlying statistics are in the grip of volatility, as seen in the pandemic years.
The analysis of the sectoral break-up of the economic performance presents a gloomier picture. Three key sectors — manufacturing, construction and trade (which includes hotels, transport and communications) — all of which employ a significant proportion of the workforce and are key sources of employment, continue to fare poorly. These three sectors of economic activity, which accounted for 41% of overall GVA, continue to remain mired in the throes of a slowdown.
The GVA emanating in manufacturing amounted to Rs. 6.05 lakh crore in the first quarter of the current year, an increase of a measly 4.8% over the previous year. But even this provides a charitable view of the actual state of affairs; the reality is that GVA in manufacturing has increased at the rate of just 2.3% per annum in the last three years.
Meanwhile, while exports as a proportion of overall GDP have remained stagnant, the share of imports surged in the last year. Imports, which accounted for 25.7% of GDP in the first quarter of the previous year, surged to 31% in the first quarter of 2022-23. This confirms that the problems arising from the slowdown of the economy are compounded by the mounting pressures on the balance of payments and foreign exchange fronts, which further constrains the policy choices of the Modi regime.
The Modi government’s rapidly diminishing degrees of freedom are, of course of its own making. Having steadfastly refused to countenance any kind of policies that, on the one hand, promote public spending that generates economic activity and incomes, and, on the other, mobilise resources from the well-heeled, who have seen their incomes surge in the pandemic, it now is likely to only heap further misery on those who have suffered the most.