India’s economy is estimated to grow at 9.2% in the 2021-’22 financial year, compared to a contraction of 7.3% in the previous year, the Union government said on Friday.
The growth is expected to take place mainly due to an improvement in the performance of the agriculture and manufacturing sectors. The contraction in the GDP in 2020-’21 took place amid the outbreak of Covid-19 and the resultant lockdown.
“Real GDP or GDP at Constant Prices (2011-12) in the year 2021-22 is estimated at Rs 147.54 lakh crore, as against the Provisional Estimate of GDP for the year 2020-21 of Rs 135.13 lakh crore,” a press release issued by the Union government said. “The growth in real GDP during 2021-22 is estimated at 9.2 per cent as compared to the contraction of 7.3 per cent in 2020-21.”
According to the government’s estimates, GDP in actual terms in 2021-’22 will surpass the pre-coronavirus figure of Rs 145.69 lakh crore in 2019-’20.
The growth in nominal GDP, or GDP at current prices, has been estimated at 17.6% in 2021-’22.
The estimates released on Friday are slightly lower than the Reserve Bank of India’s forecast of 9.5% GDP growth, PTI reported.
The agricultural sector is estimated to grow by 3.9% as compared in 2021-2022 as compared to the previous year’s figure of 3.6%. The manufacturing sector is expected to register a growth of 12.5% this fiscal, as compared to a contraction of 7.2% in 2020-2021.
The mining sector is estimated to grow by 14.3% this financial year, as compared to a contraction of 8.5% last year. The construction sector is also expected to register sharp growth of 10.7% in 2021-2022, as compared to a contraction of 8.6% in the previous financial year.
Similarly, trade, hotels, transport and communication is pegged to grow at 11.9%, as compared to a contraction of 18.2% in 2020-2021.