The first quarter real GDP y-o-y growth for FY 2021-22 came in at 20.1%, broadly meeting market expectations. The growth is largely on account of a negative base of the previous year as the real GDP contracted by a record 24.1% in the corresponding period of previous year. The real GVA grew by 18.8% in the same period. Sectoral trends show that agriculture continues to exhibit resilience, growing by a healthy 4.5% y-o-y. The industrial sector grew at a y-o-y pace of 46.2% coming on back of a deep contraction of 35.8% in the corresponding period of last year amidst a nationwide lockdown which gravely impacted manufacturing activity in the country. Services sector, also rebounded on account of negative growth in previous year, registering y-o-y growth of 11.4% during Q1 FY22 as against -21.5% contraction in Q1 FY21.