India's Q1 GDP Grew 20.1% On Low Base, Economy Still Smaller Than Pre-Covid Level: ICICI Securities
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ICICI Securities Report
India’s real gross domestic product grew 20.1% YoY in Q1 FY22, moderately below our expectations.
While this is the highest quarterly growth of real GDP in 2011-12 series, the number should be interpreted carefully as it was mainly due to low base.
In Q1 FY21, real GDP had contracted 24.4% to Rs 26.9 trillion due to Covid-19 related national lockdown.
While in Q1 FY22 real GDP increased 20.1% to Rs 32.4 trillion, the economy is still smaller than its pre-Covid-19 level.
In Q1 FY20 and Q1 FY19, real GDP stood at Rs 35.6 trillion and Rs 33.8 trillion respectively.
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