NSO estimates FY22 GDP growth at 9.2%

Tags: Economics/Business

National Statistical Office(NSO) release the first advance estimates of India’s GDP Growth in Financial Year 2022 better than last fiscals 7.3%. , amid concerns over the likely impact of a third wave of the COVID­19 pandemic.

• The assessment is based on the data for the first eight months of the FY22.
• GDP at constant prices (2011-­12) in the year 2021-­22 is estimated at 147.54 lakh crore, as against the provisional estimate of GDP for the year 2020-­21 of 135.13 lakh crore showing that the growth in real GDP is pegged at 9.2%. 
• Similarly Real Gross Value Added(GVA) at Basic Prices is estimated at 135.22 lakh crore in 2021-­22, as against 124.53 lakh crore in 2020-­21, showing a growth of 8.6%.
• The NSO’s GVA estimates shows-

• Mining sector outpacing others with growth of 14.3% following last year’s 8.5% contraction, followed by manufacturing which is seen expanding by 12.5% after shrinking 7.2% in the previous 12­month period.
• Agriculture sector is estimated to grow at 3.9% in FY22 (3.6%). 
• The electricity, water supply and other utility services category is estimated to grow at 8.5% (1.9%), Construction sector is expected to grow 10.7% (­8.6%) and 
• Trade, hotels, transport, communication and broadcasting services are projected to grow at 11.9% against a sharp contraction of 18.2% last year