India's Economy Grew At 8.7% In FY2021-22; GDP Growth Slows To 4.1% In Jan-Mar Quarter

However, the GDP, in the January-March quarter, witnessed a massive slow down of 4.1 per cent from 5.4 per cent growth in the previous quarter owing to the decline in consumer spending due to soaring prices of goods and services.

By Talibuddin Khan
Updated: Tue, 31 May 2022 06:58 PM IST
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India's Economy Grew At 8.7% In FY2021-22; GDP Growth Slows To 4.1% In Jan-Mar Quarter
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New Delhi | Jagran Business Desk: The National Statistical Office (NSO) on Tuesday released the data for India's Gross Domestic Product (GDP) growth in the fourth quarter and full financial year 2021-22. As per the data released by the NSO, India's GDP has witnessed a growth of 8.7 per cent in the current fiscal, as compared to the contraction of 6.6 per cent in the GDP in the previous fiscal (FY 2020-21).

However, the GDP, in the January-March quarter, witnessed a massive slow down of 4.1 per cent from 5.4 per cent growth in the previous quarter owing to the decline in consumer spending due to soaring prices of goods and services. This is the slowest GDP growth in the year, compared to the growth rate of 5.4 per cent in the third quarter, 8.5 per cent in the second quarter, and 20.3 per cent in the first quarter of FY22.

"Real GDP or GDP at Constant Prices in the year 2021-22 is estimated to attain a level of Rs 147.36 lakh cr, as against the First Revised Estimate of Rs 135.58 lakh cr for  FY21", the data by the NSO stated. 

Nominal GDP or GDP at Current Prices in the year 2021-22 is estimated to attain a level of Rs 236.65 lakh crore, as against Rs 198.01 lakh crore in 2020-21, showing a growth rate of 19.5 per cent.

The Advance and Provisional Estimates of National Income are compiled using the benchmark-indicator method i.e. the estimates available for the previous year referred to as the benchmark year (2020-21 in this case) are extrapolated using the relevant indicators reflecting the performance of sectors, the Ministry of Statistics & Programme Implementation said in a statement.

The Second Advance Estimates of National Income for the year 2021-22 were released on 28th February 2022. The RBI had projected GDP for the fiscal that ended in March at 9.5 per cent and for Q4 at 6.1 per cent.

Besides, the combined Index of Eight Core Industries stood at 143.2 in April 2022, which is an increase of 8.4 per cent (provisional) as compared to the index of April 2021. The production of coal, electricity, refinery products, fertilisers, cement, and natural gas industries increased in April 2022 over the corresponding period of last year.

 

(With ANI Inputs)

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