01092022-TT-01.qxd 8/31/2022 GORBACHEV PASSES AWAY AT 91 WORLD /thetribunechd 11:01 PM Page 1 13 EAM IN UAE TO FOSTER ECONOMIC TIES INSIDE CHANDIGARH | GURUGRAM | JALANDHAR | BATHINDA | VOL. 142 NO. 241 | 14 PAGES | ~5.00 | REGD. NO. CHD/0006/2021-2023 ESTABLISHED IN 1881 HIMACHAL PRADESH thursday | 1 september 2022 /thetribunechd www.tribuneindia.com Fuelled by high demand, Q1 GDP expands by 13.5% India remains fastest-growing economy | First double-digit growth in a year | But lower than RBI’s projection of 16.2% Sandeep Dikshit Tribune News Service NewDelhi, August31 The Indian economy grew by 13.5 per cent in the first quarter of the current fiscal, mainly due to the base effect. India remained the fastest-growing major economy as China registered growth of 0.4 per cent in the April-June quarter. The latest Q1 gross domestic product (GDP) growth figures come with several redeeming features crucial to fuelling further growth. Gross fixed capital formation, an important process that accelerates economic growth, rose to 34.7 per cent from 32.8 per cent, the highest in 10 years. On the other hand, private final consumption expenditure, another major driver of economic growth and accounting for 60 per cent of India’s GDP also rose to 59.9 , per cent from 54 per cent in Q1 of 2021-22. The gross value added (GVA) grew by 12.7 per cent to Rs 34.41 lakh crore in April-June this year. A drag in the form of government final consumption expenditure (GFCE) went down to 11.2 per cent as against 12.6 per cent in the Q1 of last fiscal. Fiscal deficit narrowed to 20.5 per cent of the annual target in Q1 compared to 21.3 per cent in the same period last year. “This will help the government meet fiscal deficit target of 6.4 per cent of the GDP said Finance Sec,” retary TV Somanathan. The GDP had expanded by 20.1 per cent in the corresponding April-June period of 202122, according to data released by the National Statistical Office (NSO). It had contracted by 23.8 per cent in Q1 of 202021. The 13.5 per cent estimate is lower than the 16.2 per cent projected by the RBI, but close to rating agency ICRA’s estimate of 13 per cent. PRIVATE CONSUMPTION WITNESSES REVIVAL SIGNS OF BUOYANCY, 7% GROWTH IN FY23 ■ The high GDP growth fuelled Economy to grow at over 7% in current fiscal and GDP is 4% above prepandemic levels. by the rise in consumption ■ Signals the revival of domes- tic demand, particularly in the services sector ■ Pent-up demand driving consumption post Covid, people stepping out and spending ■ The services sector a strong bounce back, expected to get more boost in festival season REAL GDP GROWTH Q1 2022-23 ~36.85 lakh crore Q1 2021-22 ~32.46 lakh crore Q1 2020-21 ~27.03 lakh crore The nominal GDP or GDP at current prices in Q1 202223 is estimated at Rs 64.95 TV Somanathan, FINANCE SECRETARY LOOKING UP Quarter Q1 2022 Q4 2021 Q3 2021 Q2 2021 GDP (%) 13.5* 4.1 5.4 8.4 *16.2% RBI PROJECTION MANUFACTURING TAKES A HIT Sector Agri Manufacturing Mining Construction Utility services Services Real estate Other services lakh crore against Rs 51.27 lakh crore in Q1 2021-22, a growth of 26.7 per cent com- Q1 FY23 4.5 4.8 6.5 16.8 14.7 25.7 9.2 26.3 Q1 FY22 (%) 2.2 49 18 71.3 13.8 34.3 2.3 6.2 pared to 32.4 per cent a year ago. The real GDP in Q1 of 2022-23 is estimated at Rs In signs of buoyancy, GST collection for August to be ~1.42-1.43 lakh cr. Ajay Seth, ECONOMIC AFFAIRS SECRETARY CORE SECTOR OUTPUT SLIDES TO 6-MTH LOW ■ Output of 8 core infrastruc- ture sectors contracted to six-month low of 4.5% in July ■ Stood at 9.9% in the yearago period while it expanded by 13.2% in June and 19.3% in May this year 36.85 lakh crore. It was Rs 32.46 lakh crore in Q1 of 202122 and a mere Rs 27.03 lakh crore in Q1 of 2020-21 due to a nation-wide lockdown. The GVA in the farm sector was a healthier 4.5 per cent as against 2.2 per cent a year ago. But the GVA growth in manufacturing fell 4.8 per cent as against a rise of 49 per cent during the year-ago period. The GVA growth in mining was 6.5 per cent compared to 18 per cent. In the construction sector also, it fell to 16.8 per cent from 71.3 per cent. The electricity, gas, water supply and other utility services segment grew by 14.7 per cent in the quarter compared to 13.8 per cent a year ago. In the services sector, it was 25.7 per cent against 34.3 per cent last year. Financial, real estate and professional services grew by 9.2 per cent over 2.3 per cent earlier. Public administration, defence and other services posted 26.3 per cent growth against 6.2 per cent in the first quarter last fiscal. US Army grounds Chinook copters, IAF seeks clarity New Delhi: After media reports emerged that the US Army had grounded its fleet of Chinook heavy-lift helicopters, the Indian Air Force has sought details from American manufacturer Boeing on the development. The Indian Air Force has been operating 15 Chinook helicopters, which were inducted in March 2019. A part of the IAF fleet is based in Chandigarh while another fleet is based in Assam. BACK PAGE
The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising four eminent persons as trustees.
The Tribune, the largest selling daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the paper. It is an independent newspaper in the real sense of the term.
The English edition apart, the 133-year-old Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).