The Indian economy grew by the fastest pace in four quarters in the April-June quarter this year, benefiting from the base effect. The growth numbers were below estimates.
A Bloomberg poll of economists had estimated first quarter GDP growth at 15.5% and gross value added at 14%.
GDP growth in Q1 FY23 was at 13.5% year-on-year, compared to 4.1% for Q4 FY22, according to data released by the Ministry of Statistics and Programme Implementation.
Gross value added, which strips out the impact of subsidies and indirect taxes, grew 12.7% year-on-year in the first quarter, compared with 3.9% for Q4 FY22.
Nominal GDP, at current prices in Q1 FY22, is estimated at Rs 64.95 lakh crore, as against Rs 66.5 lakh crore in the previous quarter.