Yet to recover fully from decline last year, says Chidambaram on Q1 GDP growth

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Senior Congress leader P Chidambaram. (File Photo)
Senior Congress leader P Chidambaram. (File Photo)

New Delhi [India], August 31 (ANI): Soon after, government data released today showed that India's GDP grew by 20.1 per cent in the April to June quarter (Q1 FY22) as compared to contraction of 24.4 per cent in Q1 FY21, former Finance Minister and senior Congress leader P Chidambaram said that the data signifies that in the first quarter of this year, the country has not fully recovered from the decline of last year."

"Before we 'celebrate' the 20.1 per cent GDP growth in Q1 (April-June) of 2021-22, please pause to consider the following. This 'growth' is on a low, actually negative, base of (-) 24.4 per cent in Q1 of 2020-21," tweeted the Congress leader.

Chidambaram further said that this data signifies "in the first quarter of this year, we have not fully recovered from the decline of last year."

"We are still below the GDP level in the first quarter of the pre-pandemic year 2019-20. We have still some distance to go before the economy can be said to have achieved the pre-pandemic level," he said.

Earlier today, the National Statistical Office (NSO) stated that "a growth of 20.1 per cent as compared to contraction of 24.4 per cent in Q1 2020-21."

"GDP at constant (2011-12) prices in Q1 of 2021-22 is estimated at Rs 32.38 lakh crore as against Rs 26.95 lakh crore in Q1 of 2020-21, marking a growth of 20.1 per cent as compared to contraction of 24.4 per cent in Q1 2020-21," said NSO.

Quarterly GVA at basic price at constant (2011-12) prices for Q1 of 2021-22 is estimated at Rs 30.48 lakh crore as against Rs 25.66 lakh crore in Q1 of 2020-21, showing a growth of 18.8 per cent.

GDP at current prices in the year Q1 2021-22 is estimated at Rs 51.23 lakh crore as against Rs 38.89 lakh crore in Q1 2020-21, showing a growth of 31.7 per cent as compared to contraction of 22.3 per cent in Q1 2020-21.

GVA at basic price at current prices in Q1 2021-22 is estimated at Rs 46.2 lakh crore as against Rs 36.53 lakh crore in Q1 2020-21, showing a growth of 26.5 per cent. (ANI)

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