The Indian Gross domestic product is banking on growing at 9.2 per cent in the financial year 2021-22 (FY22) as against a contraction of 7.3 per cent in the previous financial year, the estimation was made by the government on Friday.
“Real GDP or GDP at Constant Prices (2011-12) in the year 2021-22 is estimated at Rs 147.54 trillion, as against the Provisional Estimate of GDP for the year 2020-21 of Rs 135.13 trillion, released on 31st May 2021. Real GVA at Basic Prices is estimated at Rs 135.22 trillion in 2021-22, as against Rs 124.53 trillion in 2020-21, showing a growth of 8.6 per cent,” the statement read.
With 9.2 per cent growth in the 2021-22 fiscal, the economy will overcome the pre-COVID level in actual terms, mainly on account of improved performance in farm, mining and manufacturing sectors.
The economy had succumbed by 7.3 per cent in the previous financial year. The growth in the gross domestic product (GDP) of 9.2 per cent in April 2021 to March 2022 fiscal (FY 2021-22) as per by the National Statistical Office (NSO). The last month’s estimates gave the second wind to the economy as it was 9.5 per cent.
Releasing the first advance estimates of National Income for 2021-22, the NSO stated, “The growth in real GDP during 2021-22 is estimated at 9.2 per cent as compared to the contraction of 7.3 per cent in 2020-21.” At the bottom, according to a forecast of a domestic rating agency, amid the abrupt resurge of the Omicron variant, it would harm the January-March quarter GDP by 0.40 per cent and shave off 0.10 per cent from the FY22 growth, as many states resort to restrictions to limit infections.