India’s GDP Grows At 20.1% In April To June 2021 Quarter

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New Delhi, 31 August 2021: The country’s economic growth rate stood at 20.1 per cent in the April to June 2021 quarter. According to data released by the government’s statistics office, the growth rate in the June quarter was the fastest among any quarter.

 

In a press release issued by the Ministry of Statistics and Program Implementation, it has been said that the GDP in the first quarter of the financial year 2021-22 reached Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in the same quarter last year. This figure shows the year-on-year growth of 20.1 per cent in the country’s GDP in the first quarter of the current financial year. In the first quarter of the financial year 2020-21, a contraction of 24.4 per cent was recorded in the country’s economy.

 

Due to the decline in the economy last year, the pace of GDP growth has been so fast this year. In other words, the economy grew at 20.1 per cent in the first quarter due to the low base effect. It is noteworthy that after the arrival of Corona last year, the government had imposed a nationwide lockdown. Due to this, the economy was badly affected and there was a tremendous contraction in GDP.

 

During the April-June quarter of this year, China’s economic growth rate stood at 7.9 per cent.

 

With the GDP data released by the government, it has been said that in the coming time, these estimates related to GDP growth will be reviewed.

 

In a statement issued by the ministry, it has been said that the GDP data for the quarter July to September 2021 will be released on November 30, 2021.

 

RBI released credit growth data

 

Bank credit registered a growth of 6.0 per cent on a yearly basis in June, 2021. According to the data released by the RBI, there has been a double-digit growth in lending from the branches of banks in urban, semi-urban and rural areas. However, loans from metropolitan branches showed a growth of 2.7 per cent, down from 5.1 per cent in the same period last year.