New Delhi, Desk Report. There is good news for the country on the economic front, the government has released the Gross Domestic Product (GDP) figures for the first quarter of the current financial year on Wednesday. According to the data released by the Ministry of Statistics and Program Implementation (MoSPI), GDP growth in the June quarter stood at 13.5% as against 20.1% in the same quarter last year. However, the reason for this increase was the low base of GDP.
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Let us tell you that the growth rate of the country was much better than the previous ie January-March quarter. The GDP growth rate in the last quarter was 4.1%. GVA growth (YoY) declined to 12.7% from 18.1% in the June quarter. RBI had said in its monetary policy meeting earlier this month that the GDP growth rate is likely to be around 16.2% in the first quarter of the current financial year. RBI retained the real GDP growth forecast for FY23 at 7.2%.
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According to the data, the growth rate of core sectors – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity – stood at 11.5 per cent in the first four months of the current financial year in April-July. It was 21.4 per cent in the same period of 2021-22 a year ago. At the same time, crude oil and natural gas production declined by 3.8 percent and 0.3 percent, respectively.
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Significantly, the fiscal deficit of the Center has reached 20.5 percent of the annual target by the end of July in the first four months of the current financial year. It was 21.3 percent in the same period a year ago. The difference between expenditure and revenue is called fiscal deficit. Fiscal deficit also refers to the debt taken by the government from the market.