India’s economy expected to grow at 9.2% | Indian economy in FY22 | Government said – economy expected to grow at the rate of 9.2% in FY22
By Amit - January 7, 2022
New Delhi16 minutes ago
India’s real GDP will grow at the rate of 9.2% in the financial year 2021-22 (FY22), as compared to a contraction of 7.3% in the previous financial year. On Friday, the government released the estimated figures. The estimated figures released by the government are less than the figures released by the Reserve Bank of India (RBI).
The Reserve Bank had projected a growth of 9.5% in the monetary policy meeting held in December 2021. The government releases GDP estimates before the budget to calculate important figures like tax collection and fiscal deficit estimates.
Gross Value Added (GVA) is expected to grow at 8.6% in FY22, according to data released by the National Statistics Office (NSO). It saw a contraction of 6.2% in FY21. India’s GDP grew by 20.1% in the first quarter of the financial year and 8.4% in the second quarter.
Agriculture is expected to grow at 3.9% in FY22. It had grown at 3.6% in FY21. Whereas, manufacturing is projected to grow at 12.5%, with a contraction of 7.2% in FY21.