The economy is estimated to grow at 9.2 per cent in the current financial year 2021-22, compared to a contraction of 7.3 per cent in the previous fiscal, mainly due to improvement in the performance of agriculture and manufacturing sectors, government data showed on Friday.
Releasing the first advance estimates of National Income for 2021-22, the Ministry of Statistics said that the growth in real gross domestic product (GDP) during 2021-22 is estimated at 9.2 per cent as compared to the contraction of 7.3 per cent in 2020-21.
“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.
The nominal GDP or GDP at current prices in the year 2021-22 is estimated at Rs 232.15 lakh crore, as against the provisional estimate of GDP for the year 2020-21 of Rs 197.46 lakh crore. The growth in nominal GDP during 2021-22 is estimated at 17.6 per cent.
The nominal gross value added (GVA) at the basic prices is estimated at Rs 210.37 lakh crore in 2021-22, as against Rs 179.15 lakh crore in 2020-21, showing a growth of 17.4 percent.
Many private economists have trimmed their growth forecasts for the fiscal year from over 10 per cent as disruptions from the Omicron COVID-19 variant’s surge hits consumer sentiment and economic activity.