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India’s GDP estimated to rise 9.2% in FY 2021-22 compared to 7.3% contraction in 2020-21

By Priyanka Verma 
Updated Date
India’s GDP estimated to rise 9.2% in FY 2021-22 compared to 7.3% contraction in 2020-21

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.

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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.

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“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.

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