The financial condition of the country has progressed. This is what the gross national product statistics say. According to data released by the National Statistics Office (NSO) on Wednesday, the country’s gross domestic product grew by 13.5 per cent in the first three months of the current financial year (2022-23) from April to June. Earlier in the first quarter of the financial year 2021-22, the gross national product also increased by 20.1 percent.
Economists had earlier said that India’s economy will double in the first quarter of the current financial year (2022-23). That estimate roughly matched real GDP growth of between 13 and 16.2 percent. According to economists, the horrors of the Russia-Ukraine war have now subsided somewhat. In addition, spending in the service sector increased. And, although not as much as a year ago, the gross national product has increased almost.
Earlier, the gross national product (GDP) grew by 4.1 percent in the three months from January to March of the financial year 2021-22 after overcoming the corona virus. Gross value added (GVA) rose 12.7 percent in the quarter from April to June, according to government data. Besides, the value added increased by 26.5 percent in the first quarter of FY2022-23 compared to the original value.
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According to the Office for National Statistics, while the gross value added of public administration, defense and other services grew by 26.3 percent, the gross value added of trade, hotels, transport, communication and broadcasting services grew by 25.7 percent. This value added in the construction sector increased by 16.8 percent. Total value added in electricity, gas, water supply and other essential services increased by 14.7 percent. Again, the total value added in agriculture, forestry and fishing occupations increased by 4.5 percent.
According to another official data, the Centre’s fiscal deficit reached 20.5 per cent of the annual target at the end of July 2022-23. Which was 21.3 percent at this time a year ago. As such, increasing the allocation for financial development to reduce the revenue deficit. Statistics show that the gap between actual expenditure and revenue collected was Rs 3,40,831 crore between April and July of the current financial year. The government is forced to borrow from the market only when there is a revenue shortfall. So the fiscal deficit is a reflection of government debt.
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