India's GDP grew by 8.7% in FY22 after 6.6% contraction previous fiscal

India's growth was 20.1 per cent, 8.4 per cent, and 5.4 per cent, in the first, second and third quarters, respectively, as per the data released by the NSO.

Updated on: May 31, 2022, 18:08:11 IST

By HT News Desk | Edited by Aniruddha Dhar

Prefer HTon Google

Share via

Copy link

India's economic growth or GDP slipped to 4.1 per cent in the fourth quarter of 2021-22, while annual growth stood at 8.7 per cent, according to the government data released on Tuesday. In the previous fiscal 2020-21, the economy had contracted by 6.6 per cent as the Covid-19 pandemic disrupted business activities.

The data shows the GDP expanded by 8.7 per cent in 2021-22 against a 6.6 per cent contraction in 2020-21. (HT)

The growth was 20.1 per cent, 8.4 per cent, and 5.4 per cent, in the first, second and third quarters, respectively, as per the data released by the National Statistical Office (NSO).

The gross domestic product (GDP) had expanded by 2.5 per cent in the corresponding January-March period of 2020-21, according to the NSO.

The Economic Survey tabled in Parliament in February had estimated the GDP growth for the current fiscal (2022-23) in the range of 8 - 8.5 per cent.

According to the NSO data, India's real GDP grew to ₹147.36 lakh crore from ₹135.58 lakh crore in 2020-21.

The NSO, in its second advance estimate, had projected GDP growth during 2021-22 at 8.9 per cent China had registered an economic growth of 4.8 per cent in the first three months of 2022.

Rising global commodity prices have sparked concern among policymakers, with the Reserve of India (RBI) announcing its first interest rate hike in nearly four years earlier this month.

Government's chief economic adviser V Anantha Nageswaran ruled out the risk of stagflation in India as the country is better placed than other nations.

Stagflationary risk to India is quite low compared to other countries, he said.

Stagflation is the phase when both inflation and unemployment rates are high with moderation in GDP growth.

Prime Minister Narendra Modi's government earlier this month announced tax breaks to offset higher food and petrol costs.

Consumer inflation hit 6.95 per cent in March, according to the Reserve Bank of India, which slashed its own yearly growth forecast to 7.2 per cent.

(With inputs from PTI, AFP)

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.