Indian economy grows 13.5% in April-June quarter, fastest in a year: Official data

New Delhi: Indian economy grew by 13.5 per cent in the first quarter of the current fiscal, mainly due to the base effect, data released by the National Statistical Office (NSO) showed on Wednesday. This is the highest since the 20.1 per cent expansion recorded during the same period last year when business activity was recovering from COVID-induced lockdowns, AFP reported. According to PTI, many analysts had projected the Indian economy will expand at a double-digit growth rate due to the base effect. However, the GDP growth rate missed the estimates made by the Reserve Bank of India and the State Bank of India. While SBI in its report, projected the growth rate at 15.7 per cent for April-June 2022, the RBI in its monetary policy meeting earlier this month said that the GDP growth rate is likely to be around 16.2 per cent in the first quarter of this fiscal year. According to rating agency ICRA, the gross domestic product was likely to grow at 13 per cent. The data showed that the farm sector saw a growth of 4.5 per cent on a year-on-year basis, India Today reported. China registered an economic growth of 0.4 per cent in April-June 2022, PTI reported. With inputs from agencies Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.