Indian economy seen growing at 9.2% this fiscal
08 January 2022
India's gross domestic product (GDP) in real terms is estimated to grow by 9.2 per cent in the current financial year ending March 2022, according to the first advance estimates of national income released by the National Statistics Office (NSO).
Indian economy, which suffered a setback in the previous financial year on the back of the SARS-CoV pandemic, regained momentum during the July-September period, inching gradually back to normal as the pandemic related disruptions eased significantly.
GDP for the second quarter of the financial year grew by 8.4 per cent from a year ago, one of the fastest rates among major economies, provisional data released by the NSO on Tuesday showed.
India’s gross domestic product (GDP) in real terms or GDP at constant prices (base 2011-12) is estimated to have expanded by 9.2 per cent in the year 2021-22 to Rs147.54 lakh crore, as against the provisional estimate of Rs135.13 lakh crore for the year 2020-21.
The estimated 9.2 per cent growth in real GDP during 2021-22 comes against a 7.3 per cent contraction in 2020-21.
Gross value added in real terms or real GVA at basic prices is estimated to have expanded by 8.6 per cent to Rs135.22 lakh crore in 2021-22 from Rs124.53 lakh crore in 2020-21.
Nominal GDP or GDP at current prices in the year 2021-22 is estimated to have expanded by 17.6 per cent to Rs232.15 lakh crore from the provisional estimate of Rs197.46 lakh crore for the year 2020-21.
Nominal GVA at basic prices is estimated to have expanded by 17.4 per cent to Rs210.37 lakh crore in 2021-22 from Rs179.15 lakh crore in 2020-21.
The NSO estimates significant growth in 'mining and quarrying' (14.3 per cent), and 'trade, hotels, transport, communication and services related to broadcasting' (11.9 per cent).
The agriculture sector is estimated to see a growth of 3.9 per cent in FY22, higher than the 3.6 per cent expansion recorded in the previous financial year.