New Delhi: The Indian economy is estimated to grow at 9.2 per cent in 2021-22, as against a contraction of 7.3 per cent in the previous fiscal, mainly due to improvement in the performance of agriculture and manufacturing sectors, the National Statistical Office (NSO) said on Friday.
India’s GDP is estimated to rise 9.2% in the ongoing financial year, as compared to contraction of 7.3% in 2020-21 pic.twitter.com/BvDHLaZXHw
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“The growth in real GDP during 2021-22 is estimated at 9.2 percent as compared to the contraction of 7.3 percent in 2020-21,” the NSO said in the report.
“Real GVA at Basic Prices is estimated at Rs 135.22 lakh crore in 2021-22, as against Rs 124.53 lakh crore in 2020-21, showing a growth of 8.6 percent,” it added.
It must be noted that the estimated growth in real gross domestic product (GDP) is lower than Reserve Bank of India’s projection of 9.5% made in its monetary policy committee meeting last month.
The NSO report also stated that the Gross Value Added (GVA) is expected to rise by 8.6% compared to a contraction of 6.2% in FY21.
“However, these are early projections for 2021-22,” the Ministry of Statistics & Programme Implementation said in a statement.
Notably, amid COVID pandemic, the GDP of the country went up 20.1% in the first quarter of the fiscal year and 8.4% in the second quarter. The NSO report further claimed that the agriculture is estimated to grow 3.9% in FY22 compared to a growth of 3.6% in FY21 while manufacturing growth is estimated at 12.5% as against a contraction of 7.2% last fiscal.