ECONOMIC GROWTH IS ESTIMATED BY 9.2 % BY THE GOVERNMENT IN FY2022
According to government data showed on Friday, the economy is estimated to show a growth of 9.2% in the financial year of 2020-21 to a contraction of 7.3%in the previous field, due to an increase in growth of agriculture and industry, manufacturing. India registered a de-growth of 7.3 percent for the fiscal year 2020-21, recorded as the worst performance by the economy in the past four-decade, Due to the hardest hit by the Covid-19 pandemic.
The Ministry of Statistics published a report on national income 2021-22 and mentioned an estimated growth of GDP by 9.2%in the financial year 2021-22 as compared to a contraction of 7.3 percent in 2020-21. They also mention the growth of real GVA at basic price is estimated at rupees 132.22 lakhs in 2021-22 in comparison to rupees 124.53 lakhs in 2020-21, making the growth of 8.6 percent.
The advance estimate of GDP FOR 2021-22 by the ministry of statistics for the expansion of the economy is lower than the estimates of RBI.
 |
| ECONOMIC GROWTH IS ESTIMATED BY 9.2 % BY THE GOVERNMENT IN FY2022 |
GDP has witnessed a growth of 17.6 percent in FY22 in nominal terms because Indian GDP has grown 13.7 percent in the first quarter of 2021 and is estimated to grow 5.6% in the second half of the quarter. Indian GDP grew 6.6 percent in October and December in 2021 and six percent from January to March 2022, as per RBI. GDP, of 9.0 percent, GVA of 8.8, and nominal GDP growth of 17.5 percent are estimated growth predicted by the ministry of statistics and program implementation in the GDP advance estimates report.
Due to the pandemic, coal power, and semiconductor shortage, advance estimates of GDP released by the ministry of statistics and program implementation are more optimistic at 9.2 percent of growth according to brickwork ratings. Advance estimates of GDP will also contribute to the upcoming budget exercise for the next fiscal year. In the current fiscal, manufacturing sectors are estimated to grow 12.5 % in comparison to 7.2% a year ago, while 14.3% in mining and quarrying, 11.9 % in trade, hotel, transport communication, and services related to broadcasting are expected to grow in the sector respectively.
 |
| ECONOMIC GROWTH IS ESTIMATED BY 9.2 % BY THE GOVERNMENT IN FY2022 |
The agricultural sector estimated growth of 3.9 percent in FY 2021-22 in comparison to 3.6 percent in the previous financial year. The electricity, water supply, and other utility services category are estimated to grow at 8.5%. The advance estimates of the ministry of statistical office projected a rise of 1.3% and 1.9% for GDP and GVA respectively in FY2022. Advance estimates for FY2022 are created by using data of the economy up to previous months ranging from September to December 2021, as mentioned by D.K Srivastava, chief policy advisor, EY India, so it means omicron effects are not involved in these estimates.