India’s GDP expected to grow at 14-15% for Q1 FY22

The Gross Domestic Profit (GDP) data for Q1 of FY22 will be announced on 31st August, this year

July 18, 2022

The growth was primarily driven by the recovery of multiple contact-intensive sectors

The median estimate for the GDP in Q1 this year was pegged at 14.43%

For FY23, the growth was forecasted at 7.2-7.6%

The Reserve Bank of India (RBI) estimates that GDP growth for Q1 will be 16.2% and 7.2% for FY22

India’s economy is expected to grow at 14-15% in the first quarter (Q1) of this year, according to data from media reports. This was primarily driven by the recovery of multiple contact-intensive sectors. 

According to a poll of economists, the median estimate for the GDP in Q1 this year was pegged at 14.43%. For FY23, the growth was forecasted at 7.2-7.6%. The Reserve Bank of India estimates that GDP growth for Q1 will be 16.2% and 7.2% for FY22. 

The recovery from the low base of Q1 2021 has likely maximised the Q1 growth. 

Experts said that high-frequency indicators, such as an increase in consumption, investment, industry, and the external sector have facilitated a pick-up in economic activity, despite global headwinds. They further added that the economy’s growth momentum is expected to remain strong in Q1 FY23. 

The economy was supported by a recovery in contact-intensive sectors such as travel, cinemas and dining among others as the pandemic alleviated. 

GDP data for Q1 of FY22 will be announced on 31st August this year.