Q2 GDP: Gross fixed capital formation rate rises in July-September despite COVID-19 second wave

#capital expenditure, #Covid-19, #GDP, #GFCF, #Nirmala Sitharaman, #pandemic

India’s gross fixed capital formation (GFCF) expanded 11 percent year on year to Rs 11,429.07 billion in July-September FY22, according to the National Statistical Office’s estimates.

The rise in India’s GFCF, the second-largest component of gross domestic product (GDP) was despite the second wave of COVID-19 that had forced the nation to implement localised lockdowns to contain the spread of the virus.

Gross fixed capital formation is often used as a proxy for private investment, and includes resident producers’ investments, deducting disposals, in fixed assets during a given period.

July-September also marks the first time when the country’s GFCF has risen when compared to the corresponding quarter in FY20; GFCF came in slightly higher by 1.5 percent.

The country’s GFCF made up 32 percent of India’s GDP in the July-September quarter of 2021-22, compared to 31.2 percent in the previous year and 28.9 percent in the second quarter of 2019-20, as per the data released by the National Statistical Office on November 30.

The country’s GDP rose by 8.4 percent in the second quarter of 2021-22, largely because of the low base from the same quarter last year when a nationwide lockdown was imposed due to the COVID-19 pandemic and the government push for infrastructure investment since the start of the current financial year.

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