NSO sees 9.2% GDP growth this fiscal
Aided by uptick in farm, mining and manufacturing output, the economy is gaining momentum and is inching gradually back to normalcy. Official estimates show the gross domestic product (GDP) is likely to grow 9.2 per cent in the current financial year, bouncing back from a contraction of 7.3 per cent in the previous fiscal. This, however, is a little lower than the recent forecast of 9.5 per cent growth by the Reserve Bank of India.
According to the first advance estimates of national income for 202122, released by the National Statistical Office (NSO) on Friday, the real GDP, or GDP at constant prices (2011-12), is estimated at Rs 147.54 lakh crore for the current fiscal against the provisional estimate of Rs 135.13 lakh crore for FY2020-21, released in May.
"The growth in real 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 202021, showing a growth of 8.6 per cent. Meanwhile, real GVA 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 per cent," the NSO said.
It said the agriculture sector is seen growing at 3.9 per cent in FY22 as
against a 3.6 per cent growth in the previous year, while the manufacturing sector is seen growing 12.5 per cent against a 7.2 per cent contraction. "Electricity generation is estimated to grow 8.5 per cent as against 1.9 per cent last year. While trade, hotels, and transport services are projected to post a growth of 11.9 per cent owing to a sharp contraction of 18.2 per cent in previous year, the GDP in absolute terms for this
services segment is still estimated to be below prepandemic levels."
Analysts are hopeful that despite the Covid-19 third wave the economy will grow at a fast pace. "Coming out from the severe second wave, Indian economy has shown a remarkable progress. Several high frequency indicators have reached pre-Covid levels," said Vivek Rathi, director, research, Knight Frank India.