India’s GDP Expected to Grow at 9.2% in 2021-22 Against 7.3% Contraction Last Year: Report

The NSO report further said that the 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.

Published: January 7, 2022 6:32 PM IST

By India.com Business Desk | Edited by Manmath Nayak

India's GDP Expected to Grow at 9.2% in 2021-22 Against 7.3% Contraction Last Year: Report
The NSO report also stated that the Gross Value Added (GVA) is expected to rise by 8.6% compared to a contraction of 6.2% in FY21.

New Delhi: The National Statistical Office (NSO) released on Friday projected India’s gross domestic product (GDP) to grow 9.2 per cent in the current FY 2021-22 against a contraction of 7.3 percent in 2020-21. “The growth in real GDP during 2021-22 is estimated at 9.2 percent as compared to the contraction of 7.3 percent in 2020-21,” the NSO said in the report.

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“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.

It must be noted that the estimated growth in real gross domestic product (GDP) is lower than Reserve Bank of India’s projection of 9.5% made in its monetary policy committee meeting last month.

The NSO report also stated that the Gross Value Added (GVA) is expected to rise by 8.6% compared to a contraction of 6.2% in FY21.

“However, these are early projections for 2021-22,” the Ministry of Statistics & Programme Implementation said in a statement.

Notably, amid COVID pandemic, the GDP of the country went up 20.1% in the first quarter of the fiscal year and 8.4% in the second quarter. The NSO report further claimed that the agriculture is estimated to grow 3.9% in FY22 compared to a growth of 3.6% in FY21 while manufacturing growth is estimated at 12.5% as against a contraction of 7.2% last fiscal.

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Published Date: January 7, 2022 6:32 PM IST