India’s GDP had grown 1.6 per cent in January-March 2021.
India’s GDP had grown at 5.4 per cent in October-December 2021 quarter; saw a 7.3 per cent contraction in the previous financial year 2020-21
India’s gross domestic product (GDP) grew 4.1 per cent in the fourth quarter of the financial year 2021-22. For the full financial year 2021-22, the GDP saw a growth of 8.7 per cent. The economic growth had witnessed a contraction of 6.6 per cent in the previous financial year 2020-21.
In January-March last year, the Indian economy had grown 1.6 per cent.
According to second advance estimates released in February, the economy was pegged to grow at 8.9 per cent in the financial year 2021-22, compared with 7.3 per cent in 2020-21.
Gross value added (GVA) — which is GDP minus net product taxes, and reflects growth in supply — grew 8.1 per cent as against a contraction of 4.8 per cent in 2020-21. Net taxes on products jumped 16.1 per cent year-on-year to Rs 11.3 lakh crore in the financial year 2021-22, compared with a contraction of 24.9 per cent a year ago.
Almost all analysts had predicted the January-March 2022 growth to be lower at 2.7-4.5 per cent than the 5.4 per cent reported in the previous quarter. SBI expected growth at 2.7 per cent for the fourth quarter of 2021-22, rating agency Icra saw 3.5 per cent growth, and CRISIL forecast it at 4.5 per cent. For the full financial year 2021-22, the Asian Development Bank (ADB) had projected India’s growth at 7.5 per cent, while the International Monetary Fund (IMF) expected it at 9 per cent.
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