NEW DELHI: India’s gross domestic product (GDP) for the January-March 2022 quarter came in at 4.1 per cent, data released by the government showed on Tuesday.
In the previous quarter, GDP growth stood at 5.4 per cent, while that for Q1 was revised from 20.1 per cent to 20.3 per cent and for Q2 it was revised to 8.5 per cent.
For the full financial year 2021-22, India’s economy expanded by 8.7 per cent.
The improvement in the economy comes over a GDP contraction of 6.6 per cent during 2020-21 due to the pandemic and resultant lockdown imposed to curb the spread of the deadly coronavirus.
India went into nationwide lockdown from March 25, 2020 to curb the spread of the coronavirus, which severely dented the economic growth in the 2020-21 fiscal.
The economy had contracted by 6.6 per cent in 2020-21 — first time in last 40 years — after witnessing its first technical recession following 2 successive quarters of negative growth.
The second revised estimates of GDP, released by the Centre in February had projected India’s economy to grow by 8.9 per cent in FY22.
Quarterly growth slows
The economy’s near-term prospects have been darkened by a spike in retail inflation, which hit an eight-year high of 7.8 per cent in April.
The surge in energy and commodity prices following the Ukraine crisis is also exerting a drag on economic activity.
Earlier this month, the Reserve Bank of India (RBI) raised the benchmark repo rate by 40 basis points in an unscheduled meeting early this month.
Besides, surge in Omicron cases in December and January had made people cautious as partial restrictions returned in some states.