INDIA’S GDP ESTIMATED TO GROW BY 9.2%

India’s Gross Domestic Product (GDP) is estimated to grow by 9.2% in 2021-22 as against a contraction of 7.3% recorded in the previous year, government data showed on Friday.

GDP at Constant Prices (2011-12) in the year 2021-22 is estimated at Rs 147.54 lakh crore, as against the Provisional Estimate of GDP for the year 2020-21 of Rs 135.13 lakh crore, according to data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation. “However, these are early projections for 2021-22. Actual performance of various indicators, actual tax collections and expenditure incurred on subsidies in the following months, fresh relief measures for the vulnerable sections (such as providing free food grains which has now been extended till March 2022) and other measures, if any, taken by the Government to contain the spread of Covid-19 would have a bearing on subsequent revisions of these estimates,” the NSO said in a statement. The growth in nominal GDP during 2021-22 is estimated at 17.6%. Nominal GVA at 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.

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, released on May 31, 2021.

Actual figure for the first half of the current year has been officially released. The GDP expanded by 20.1% during the first quarter of the current financial year while it grew by 8.4% in the July-September 2021 quarter.

This is the First Advance Estimate of National Income for the financial year 2021-22. It was introduced in 2016-17 to serve as essential inputs to the Budget exercise.