The National Statistical Office (NSO) released the data for India’s Gross Domestic Product (GDP) growth in the fourth quarter and full financial year 2021-22. According to data issued by the NSO, India’s GDP increased by 8.7% in the current fiscal year, compared to a decrease of 6.6 per cent in the previous fiscal year (FY 2020-21).
However, the GDP grew at a much slower rate of 4.1 per cent in the January-March quarter, compared to 5.4 per cent the previous quarter, due to a drop in consumer expenditure due to rising costs of goods and services. Compared to growth rates of 5.4 per cent in the third quarter, 8.5 per cent in the second quarter, and 20.3 per cent in the first quarter of FY22, this is the slowest growth rate of the year.
“Real GDP or GDP at Constant Prices in the year 2021-22 is estimated to attain a level of Rs 147.36 lakh cr, as against the First Revised Estimate of Rs 135.58 lakh cr for FY21”, the data by the NSO stated.
Nominal GDP or GDP at Current Prices in the year 2021-22 is estimated to attain a level of Rs 236.65 lakh crore, as against Rs 198.01 lakh crore in 2020-21, showing a growth rate of 19.5 per cent.
The Advance and Provisional Estimates of National Income are compiled using the benchmark-indicator method i.e. the estimates available for the previous year referred to as the benchmark year (2020-21 in this case) are extrapolated using the relevant indicators reflecting the performance of sectors, the Ministry of Statistics & Programme Implementation said in a statement.
The Second Advance Estimates of National Income for the year 2021-22 were released on 28th February 2022. The RBI had projected GDP for the fiscal that ended in March at 9.5 per cent and for Q4 at 6.1 per cent.
Besides, the combined Index of Eight Core Industries stood at 143.2 in April 2022, which is an increase of 8.4 per cent (provisional) as compared to the index of April 2021. The production of coal, electricity, refinery products, fertilisers, cement, and natural gas industries increased in April 2022 over the corresponding period of last year.