Today, the National Statistical Office (NSO) will announce GDP data for the current fiscal year’s July-September quarter. The Reserve Bank of India’s Monetary Policy Committee forecasted 7.9% GDP growth for this period during its October meeting. According to a Bloomberg projection by 14 economists, the number will be 8.1 percent. Aside from the headline figure, how should today’s GDP figures be interpreted? This question is answered by five graphs.
In 2020-21, India’s GDP decreased by a historic 7.3 percent. This was partly due to the 68-day nationwide lockdown that began on March 25, 2020, which resulted in a huge contraction in the first half of 2020-21 (April-September). In the quarters ending June 2020 and September 2020, India’s GDP shrank by 24.4 percent and 7.4 percent, respectively.
GDP growth of 0.5 percent and 1.6 percent in the quarters ending December 2020 and March 2021, respectively, returned the economy to normal. While GDP growth was 20.1 percent in the June quarter, it was lower in absolute terms than in the pre-pandemic quarter of June 2019.
The second wave of Covid-19, which peaked on May 9 in terms of seven-day average daily new cases, played a crucial role in derailing economic momentum once more in the June quarter. If the central bank’s forecast of 7.9% for the September quarter holds true, GDP for the quarter (
In India, does WHO publish quarterly GDP?
The Ministry of Statistics and Programme Implementation’s National Statistical Office (NSO) is issuing GDP estimates for the second quarter (July-September) of 2021-22 (Q2 2021-22), both at Constant (2011-12) and Current Prices, as well as the equivalent quarterly estimates of inflation.
Who is the source of GDP data?
The Ministry of Statistics and Programme Implementation’s National Statistical Office (NSO) has released GDP estimates for the first quarter (April-June) of 2021-22, both at Constant (2011-12) and Current Prices, as well as the equivalent quarterly estimates of expenditure.
In 2021, what would India’s GDP be?
In its second advance estimates of national accounts released on Monday, the National Statistical Office (NSO) forecasted the country’s growth for 2021-22 at 8.9%, slightly lower than the 9.2% estimated in its first advance estimates released in January.
Furthermore, the National Statistics Office (NSO) reduced its estimates of GDP contraction for the coronavirus pandemic-affected last fiscal year (2020-21) to 6.6 percent. The previous projection was for a 7.3% decrease.
In April-June 2020, the Indian economy contracted 23.8 percent, and in July-September 2020, it contracted 6.6 percent.
“While an adverse base was expected to flatten growth in Q3 FY2022, the NSO’s initial estimates are far below our expectations (6.2 percent for GDP), with a marginal increase in manufacturing and a contraction in construction that is surprising given the heavy rains in the southern states,” said Aditi Nayar, Chief Economist at ICRA.
“GDP at constant (2011-12) prices is estimated at Rs 38.22 trillion in Q3 of 2021-22, up from Rs 36.26 trillion in Q3 of 2020-21, indicating an increase of 5.4 percent,” according to an official release.
According to the announcement, real GDP (GDP) or Gross Domestic Product (GDP) at constant (2011-12) prices is expected to reach Rs 147.72 trillion in 2021-22, up from Rs 135.58 trillion in the first updated estimate announced on January 31, 2022.
GDP growth is expected to be 8.9% in 2021-22, compared to a decline of 6.6 percent in 2020-21.
In terms of value, GDP in October-December 2021-22 was Rs 38,22,159 crore, up from Rs 36,22,220 crore in the same period of 2020-21.
According to NSO data, the manufacturing sector’s Gross Value Added (GVA) growth remained nearly steady at 0.2 percent in the third quarter of 2021-22, compared to 8.4 percent a year ago.
GVA growth in the farm sector was weak in the third quarter, at 2.6 percent, compared to 4.1 percent a year before.
GVA in the construction sector decreased by 2.8%, compared to 6.6% rise a year ago.
The electricity, gas, water supply, and other utility services segment grew by 3.7 percent in the third quarter of current fiscal year, compared to 1.5 percent growth the previous year.
Similarly, trade, hotel, transportation, communication, and broadcasting services expanded by 6.1 percent, compared to a decline of 10.1 percent a year ago.
In Q3 FY22, financial, real estate, and professional services growth was 4.6 percent, compared to 10.3 percent in Q3 FY21.
During the quarter under examination, public administration, defense, and other services expanded by 16.8%, compared to a decrease of 2.9 percent a year earlier.
Meanwhile, China’s economy grew by 4% between October and December of 2021.
“India’s GDP growth for Q3FY22 was a touch lower than our forecast of 5.7 percent, as the manufacturing sector grew slowly and the construction industry experienced unanticipated de-growth.” We have, however, decisively emerged from the pandemic recession, with all sectors of the economy showing signs of recovery.
“Going ahead, unlock trade will help growth in Q4FY22, as most governments have eliminated pandemic-related limitations, but weak rural demand and geopolitical shock from the Russia-Ukraine conflict may impair global growth and supply chains.” The impending pass-through of higher oil and gas costs could affect domestic demand mood, according to Elara Capital economist Garima Kapoor.
“Strong growth in the services sector and a pick-up in private final consumption expenditure drove India’s real GDP growth to 5.4 percent in Q3.” While agriculture’s growth slowed in Q3, the construction sector’s growth became negative.
“On the plus side, actual expenditure levels in both the private and public sectors are greater than they were before the pandemic.
“Given the encouraging trends in government revenues and spending until January 2022, as well as the upward revision in the nominal GDP growth rate for FY22, the fiscal deficit to GDP ratio for FY22 may come out better than what the (federal) budget projected,” said Rupa Rege Nitsure, group chief economist, L&T Financial Holdings.
“The growth number is pretty disappointing,” Sujan Hajra, chief economist of Mumbai-based Anand Rathi Securities, said, citing weaker rural consumer demand and investments as reasons.
After crude prices soared beyond $100 a barrel, India, which imports virtually all of its oil, might face a wider trade imbalance, a weaker rupee, and greater inflation, with a knock to GDP considered as the main concern.
“We believe the fiscal and monetary policy accommodation will remain, given the geopolitical volatility and crude oil prices,” Hajra added.
According to Nomura, a 10% increase in oil prices would shave 0.2 percentage points off India’s GDP growth while adding 0.3 to 0.4 percentage points to retail inflation.
Widening sanctions against Russia are likely to have a ripple impact on India, according to Sakshi Gupta, senior economist at HDFC Bank.
“We see a 20-30 basis point downside risk to our base predictions,” she said. For the time being, HDFC expects the GDP to rise 8.2% in the coming fiscal year.
Who releases India’s Gross Domestic Product?
The GDP figures for the first quarter of the current fiscal year was announced on Tuesday by the Ministry of Statistics and Programme Implementation (MoSPI) (2021-22). The MoSPI publishes four quarterly GDP statistics updates each year, which aid observers in assessing the current state of the Indian economy.
In 2022, what will India’s GDP be?
On Thursday, Moody’s decreased its prediction for India’s GDP growth to 9.1 percent in 2022, down from 9.5 percent previously. According to the credit ratings firm, the GDP would grow by 5.4 percent in 2023.
Is India considered developed?
India is a southern Asian emerging and developing country (EDC). It is the world’s largest democracy as well as one of the fastest growing economies.
What accounts for Japan’s high GDP?
Japan has one of the world’s largest and most sophisticated economies. It boasts a highly educated and hardworking workforce, as well as a huge and affluent population, making it one of the world’s largest consumer marketplaces. From 1968 to 2010, Japan’s economy was the world’s second largest (after the United States), until China overtook it. Its GDP was expected to be USD 4.7 trillion in 2016, and its population of 126.9 million has a high quality of life, with a per capita GDP of slightly under USD 40,000 in 2015.
Japan was one of the first Asian countries to ascend the value chain from inexpensive textiles to advanced manufacturing and services, which now account for the bulk of Japan’s GDP and employment, thanks to its extraordinary economic recovery from the ashes of World War II. Agriculture and other primary industries account for under 1% of GDP.
Japan had one of the world’s strongest economic growth rates from the 1960s to the 1980s. This expansion was fueled by:
- Access to cutting-edge technologies and major research and development funding
- A vast domestic market of discriminating consumers has given Japanese companies a competitive advantage in terms of scale.
Manufacturing has been the most notable and well-known aspect of Japan’s economic development. Japan is now a global leader in the production of electrical and electronic goods, automobiles, ships, machine tools, optical and precision equipment, machinery, and chemicals. However, in recent years, Japan has given some manufacturing economic advantage to China, the Republic of Korea, and other manufacturing economies. To some extent, Japanese companies have offset this tendency by shifting manufacturing production to low-cost countries. Japan’s services industry, which includes financial services, now accounts for over 75% of the country’s GDP. The Tokyo Stock Exchange is one of the most important financial centers in the world.
With exports accounting for roughly 16% of GDP, international trade plays a key role in the Japanese economy. Vehicles, machinery, and manufactured items are among the most important exports. The United States (20.2%), China (17.5%), and the Republic of Korea (17.5%) were Japan’s top export destinations in 2015-16. (7 per cent). Export growth is sluggish, despite a cheaper yen as a result of stimulus measures.
Japan’s natural resources are limited, and its agriculture sector is strictly regulated. Mineral fuels, machinery, and food are among Japan’s most important imports. China (25.6%), the United States (10.9%), and Australia (10.9%) were the top three suppliers of these items in 2015. (5.6 per cent). Recent trade and foreign investment developments in Japan have shown a significantly stronger involvement with China, which in 2008 surpassed the United States as Japan’s largest trading partner.
Recent economic changes and trade liberalization, aiming at making the economy more open and flexible, will be critical in assisting Japan in dealing with its problems. Prime Minister Abe has pursued a reformist program, called ‘Abenomics,’ since his election victory in December 2012, adopting fiscal and monetary expansion as well as parts of structural reform that could liberalize the Japanese economy.
Japan’s population is rapidly aging, reducing the size of the workforce and tax revenues while increasing demands on health and social spending. Reforming the labor market to increase participation is one of the strategies being attempted to combat this trend. Prime Minister Shinzo Abe’s ‘Three Arrows’ economic revitalisation strategy of monetary easing, ‘flexible’ fiscal policy, and structural reform propelled Japan’s growth to new heights in 2013.
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What is India’s GDP in trillions?
During the Finance Minister’s post-Budget engagement with the media, he stated that the country’s gross domestic product (GDP) has already surpassed USD 3 trillion in dollar terms. By 2024-25, Prime Minister Narendra Modi wants India to be a USD 5 trillion economy and a worldwide economic superpower.
Which Indian state is the third richest?
Karnataka is India’s third-richest state. The country’s overall GDP is 15.88 lakh crores. In comparison to other states in the country, its GDP has expanded at the quickest rate in the recent decade. This state is home to a number of well-known firms, including Bharat Electronics Limited, Hindustan Machine Tools, and the Indian Telephone Industry.
Automobile, agriculture, aerospace, textile and garment, biotech, and heavy engineering sectors are among its strengths.
Which Indian city is the most developed?
Today, we’ll look at the top ten developed cities in India based on their net gross domestic product. The development of a single nation, state, or city is frequently depicted as the Gross Domestic Product (GDP). The GDP of several urban communities is proposed for this list. We’ve also listed each city’s GDP per capita. The first question to be answered is: what is GDP? Gross Domestic Product (GDP) is a measure of the entire business sector’s estimation of all products and services generated to be provided in a specific time frame in a country state or city. GDP per capita is regarded as a barometer of a country’s, city’s, or state’s standard of living. GDP growth represents how far a country has progressed over a certain period of time. So, after learning a little bit about GDP, we should figure out which cities in India have the highest GDP, which also shows the city’s progress.
Mumbai is India’s economic capital, therefore it’s no surprise that it’s also the country’s most developed metropolis. Mumbai’s GDP (Gross Domestic Product) is 12,12,200 crores rupees, or 209 billion dollars. In terms of developed urban communities, it is ranked 29th in the globe.
Being the capital of Delhi, Delhi is India’s second most developed city, and it is widely expected that many commercial companies will set up shop there. Delhi’s GDP is 167 billion dollars, or 968600 crore rupees. In terms of developed urban communities, it is ranked 37th in the globe.
Kolkata, India’s Old Capital before Independence, was also one of the country’s financial centers. Kolkata’s financial characteristics have changed with the times. It is currently India’s third most developed city, with a GDP of 150 billion dollars (about 870000 crore rupees). It is ranked 42nd in the world among developed urban areas.
Bangalore is India’s IT capital and the country’s fourth most developed metropolis. Most significantly, it is rapidly developing and will soon rise in rank. Its current GDP is 83 billion dollars, or 481400 crore rupees. In terms of developed urban areas, it is ranked 84th in the world.
Hyderabad is another Indian city that is rapidly expanding its IT infrastructure and reaping significant benefits. It has one of the greatest IT fund generation departments in the country. Hyderabad is India’s No. 1 city for ordinary people to live in. It has a GDP of 74 billion dollars, or 429200 crore rupees. It is ranked 84th in the world.
The third city on this list is Chennai, which is also a metropolis in India’s south. Chennai is another fast-growing metropolis in India, with a total GDP of 66 billion dollars (about 382800 crores rupees). According to GDP, Chennai is the 93rd most developed city in the world.
Ahmedabad is one of India’s top ten fastest growing cities. It has recently been designated as a Metro city, and it will soon be ranked as India’s most developed metropolis. Its worth is based on its flexible assets. Ahmedabad’s total GDP is 52 billion dollars, or 301600 crore rupees. It is ranked 105th in the list of the world’s most developed urban communities.
Pune has the advantage of being adjacent to Mumbai, and it also has an appropriate atmosphere that aids in development, in addition to its industry-friendly climate. It will serve as a hub for mid-sized IT firms. Its total GDP is 48 billion dollars, or 278400 crore rupees. It is ranked 108th among the world’s most developed cities.
Surat is another Gujarati metropolis and the world’s most rapidly developing city. Surat is famous for its material commercial operations and diamond cutting firms, which are among the best in the world. Surat’s total GDP is 40 billion dollars, or Rs. 232000 crores. It is ranked 115th in the world’s most developed cities.
Visakhapatnam is one of India’s largest ports, with a considerable export and import market. This aided the city’s development, and it is now India’s ninth most developed metropolis. Visakhapatnam’s GDP is 26 billion dollars, or 150800 crore rupees, putting him 133rd among the world’s most developed cities.