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India’s real GDP grew by 8.7% in FY22 vs 6.6% contraction in last fiscal

By Priyanka Verma 
Updated Date

New Delhi: On Tuesday, India’s GDP grew by 4.1 percent in 4th quarter of FY2021-22, pushing up the annual growth rate to 8.7 per cent, official data showed. As per the data , the Indian economy expanded by 8.7 per cent in 2021-22 against a 6.6 per cent contraction in 2020-21.

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However, growth in the January-March period was slower than the 5.4 per cent expansion in the previous October-December quarter of 2021-22.

According to the data released by the National Statistical Office (NSO), The gross domestic product (GDP) had expanded by 2.5 per cent in the corresponding January-March period of 2020-21. The NSO, in its second advance estimate, had projected GDP growth during 2021-22 at 8.9 per cent China had registered an economic growth of 4.8 per cent in the first three months of 2022.

Earlier this month, Prime Minister Narendra Modi’s government announced tax breaks to offset higher food and petrol costs. Consumer inflation hit 6.95 per cent in March, according to the Reserve Bank of India, which slashed its own yearly growth forecast to 7.2 per cent.

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