No. PR – 310
September 1, 2022
Q1 FY 2022-23 GDP Growth at 13.5% inspiring: PHD Chamber
Indian economy shows resilience despite geo-political spillovers, says industry body PHDCCI
The GDP has registered an inspiring growth rate of 13.5% in Q1 FY 2022-23 on the back of improved consumer, business and investor sentiments, rejuvenated demand for contact intensive services, record level of GST collections and railway freight and continuous facilitative efforts and measures of the Government, despite the geo-political scenario over the quarter, said Mr Pradeep Multani, President, PHD Chamber of Commerce and Industry.
The GDP growth rate for Q1 FY 2023 stands at 13.5% as compared to 20.1% in Q1 FY 2022, said Mr Pradeep Multani. At this juncture, we look forward to a continued hand holding by the Government to mitigate the impact of recent geo-political developments for achieving strong and sustainable economic growth in the coming months while maintaining the inflation within the target band, said Mr Pradeep Multani.
The Q1 FY 2022-23 GDP growth rate stands at 13.5%, of which growth rate of Agriculture, forestry & fishing stands at 4.5%, Mining & quarrying at 6.5%, Manufacturing at 4.8%, Electricity, gas, water supply & other utility services at 14.7%, Construction at 16.8%, Trade, hotels, transport, communication & services related to broadcasting at 25.7%, Financial, real estate & professional services at 9.2% and Public administration, defence & other services at 26.3%.
Gross fixed capital formation (GFCF), which reflects the capital expenditure in the country, has accelerated by 20.1% to Rs 12.8 lakh crore in Q1 FY 2022-23 as compared to Rs 10.6 lakh crore in Q1 FY 2021-22. Private final consumption expenditure (PFCE) has also increased by 25.9% to Rs 22.1 lakh crore in Q1 FY 2022-23 from Rs 17.5 lakh crore in Q1 FY 2021-22, while Government final consumption expenditure (GFCE) has increased by 1.3% to Rs 4.1 lakh crore in Q1 FY 2022-23 from Rs 4.08 lakh crore in Q1 FY 2021-22, said Mr Pradeep Multani.
The recent Government initiatives as well as the achievements marked by India, such as 6 billion UPI transactions in July 2022, 5G spectrum auction gross value at Rs. 1,50,173 crore, allowance of invoicing and payments for international trade in Indian Rupee by RBI, significant Government e-Marketplace (GeM) total procurement value of Rs 2,70,384 Crore (as on 25 July 2022 since its inception), FDI inflow at US$ 84 billion level in FY 2022, among others, are highly appreciable, said Mr. Pradeep Multani.
Going ahead, the pace of economic activity is expected to remain strong on the back of various structural reforms undertaken by the Government during the last 2 years, said Mr. Pradeep Multani.
PHD Chamber of Commerce and Industry