new delhi the gross domestic product gdp for first quarter ended june 30 came in at 135 data released by the government showed on wednesday real gdp at constant 201112 prices in q1 202223 is estimated to attain a level of rs 3685 lakh crore as against rs 3246 lakh crore in q1 202122 showing a growth of 135 per cent as compared to 201 per cent in q1 202122 the nso statement saidthe period from april to june was marred by geopolitical crisis as a result of russias invasion of ukraine besides the impact of heatwave on crop output elevated commodity prices or inflation also brought down consumer sentiments the last time indias gdp achieved higher annual growth was in apriljune 2021 when it was 201 higher than the pandemicdepressed level of a year beforeso the base effect for this years q1 data remains highquick edit gdp a mixed performance in the apriljune quarterin the previous quarter januarymarch 2022 gdp grew by 41as per the data gross value added gva grew by 127 to rs 3441 lakh crore in apriljune this yearthe gva growth in the farm sector is 45 in the first quarter compared to 22 a year agohowever the gva growth in the manufacturing sector decelerated sharply to 48 during the quarter from 49 during the yearago periodgva growth in mining is 65 in the quarter compared to 18 the gva in the construction sector also decelerated to 168 in the quarter from 713the electricity gas water supply and other utility services segment grew by 147 in the quarter compared to 138 a year agogva growth in the services sector trade hotel transport communication and services related to broadcasting was 257 during the first quarter against 343financial real estate and professional services grew by 92 in the first quarter over 23 earlierthe economy is also enduring inflation pressure from a weak rupee which for months has been trading close to 80 to the us dollar a level the central bank has been defending in currency markets by selling dollar reservesretail inflation has been running above the top of the reserve bank of indias rbi tolerance band of 26 all year and is set to do so for the rest of 2022since may rbi has hiked key lending rates 3 times totaling 140 basis points and is expected to take the repo rate to 6 by endq1 2023however latest world economic outlook released by the international monetary fund imf shows india will retain its fastest growing major economy tag for the current fiscal year and the next even amid global headwinds in other words india economy is better placed even amid gloomy outlook the central bank faced twin challenges of whether to support economic growth or curb the soaring inflation and rightly enough it chose the latter the government is continuously taking steps and engaging with the rbi to bring down inflation at present almost all major central banks over the world are racing to hike