India's GDP growth rate at 8.4 Percent in Q2FY22

 India's GDP growth rate at 8.4 Percent in Q2FY22

The First quarter of the last fiscal year 2020-21 saw a sharp decline in the Indian Economy due to Covid-19 Epidemic. The Country's economy contracted (-24.4) Percent in the April-June 2021 quarter, reason for Nation wide lock down.

This was followed by a decline of (-7.4) Percent in the next quarter which is July to September 2020-21. It is noteworthy that most developed and emerging economy countries had such an impact last year. Curfew controls eased somewhat and the economy is started to recover. It was 0.5 Percent growth in the December quarter and 1.6 Percent in the ending March 2021 quarter.

During April to June period of the current fiscal year, the growth rate was said to be 20.1 Percent, then now 8.4 Percent in the second quarter of 2021-22. This said 8.4 Percent growth were compared with the last year September, which was seen as Negative growth.

The Q2FY22 September quarter growth was mainly driven by the Service Sector, Finance and Housing, Public Administration, Manufacturing and particularly from the Government Spending. The Central Bank (RBI) has projected the Country's overall economic growth to be 9.5 Percent for the Current Financial year 2021-22.

As per India's GDP - Economic growth, the Service sector were contributed with 60 Percent, Manufacturing with 15 Percent and Agriculture with 12 Percent. Construction contributed around 8 Percent, Water and Energy accounts 5 Percent. 

The Agriculture Sector has a low contribution of 12 percent in GDP, where it was around 52 Percent in the year 1951. However, this sector has now created 50 percent of Jobs in Country's employment - Directly and Indirectly. Under the Category of Agriculture - Agriculture, Forestry and Fishing are the Sub categories available.

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