NSO Data on India’s GDP Rate in Q1
Recently, the National Statistical Office (NSO), Ministry of Statistics and Program Implementation released the estimates of Gross Domestic Product (GDP) at constant (2022-23) and current prices for the first quarter (April-June) of 2022-23.
- In the first quarter (April-June) of the current financial year, the country’s economy has registered a growth of 13.5 percent. However, this growth has been around 3 per cent lower than the estimate expressed by the RBI earlier this month.
- The GDP growth rate in the April-June quarter of the last financial year (2021-22) was 20.1 per cent.
- At the same time, real GDP at constant prices (2011-12) is estimated at Rs 36.85 lakh crore in the first quarter of 2022-23. It was Rs 32.46 lakh crore in the same quarter last year.
- Gross Value Added (GVA) refers to the total value of goods and services in a country’s territory over a given period of time.Gross value added (GVA) grew 12 per cent to Rs 34.41 lakh crore in the April-June quarter this year.
- The growth rate of GVA in the agriculture sector stood at 4.5 per cent in Q1 as against 2.2 per cent in the same quarter a year ago. However, the growth rate of GVA in the manufacturing sector declined to 4.8 per cent from 49 per cent in the same quarter a year ago.
- According to the data, GVA growth in the mining sector stood at 6.5 per cent from 18 per cent in the April-June quarter of 2021-22 a year ago. The growth rate of GVA in the construction sector declined to 16.8 per cent in the quarter ended June 2022 from 71.3 per cent in the same quarter a year ago.
- On the other hand, in services sectors such as trade, hotels, transport, communication and broadcasting, it has a GVA growth rate of 25.7 per cent in the first quarter of the current fiscal.
- Eight infrastructure sectors which include coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. In this, the production growth rate in April-July in the current financial year was 11.5 percent, which was 21.4 percent a year ago.
National Statistical Office (NSO)
NSO as an agency that was formed on the recommendation of the Rangarajan Commission. The office was set up to implement and maintain the statistical standards and coordinate the statistical activities of Central and State agencies in accordance with the National Statistical Commission (NSC). The Rangarajan Commission had also recommended to set up the NSC. NSC is headed by a person having a “Minister of State-Level designation”. NSC will serve as a nodal body for all core statistical activities in India. NSO was formed after merging the National Sample Survey Office (NSSO) and Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation (MoSPI).