The government will release the GDP figures for 2021-22 tomorrow, May 31
The government will release the Gross Domestic Product (GDP) growth figures for the March quarter of 2021-22 as well as the full fiscal year tomorrow, May 31, 2022.
Rising fuel prices and rising edible oil prices have burned a hole in the daily budget of the common man amid skyrocketing inflation, rising geopolitical tensions triggered by the Russo-Ukraine war threaten to derail economies around the world. and is expected to be affected. The story of India’s development as well.
The Ministry of Statistics and Program Implementation (MoSPI), which releases GDP data, had projected that the economy would grow at 8.9 per cent in 2021-22, compared to a contraction of 6.6 per cent seen in 2020-21.
The Reserve Bank of India (RBI) has projected GDP growth at 9.5 per cent for 2021-22 and put the March quarter growth at 6.1 per cent.
The International Monetary Fund (IMF) has predicted that India will grow at 9 per cent during 2021-22 while Fitch has placed it at 8.4 per cent.
The RBI’s forecast of 6.1 per cent growth during the March quarter of 2021-22 – if it manages to stay anywhere near it – will be an improvement over the 5.4 per cent GDP growth that would hit the third or second half of the said fiscal year. was seen in the December quarter.
India’s GDP grew by 5.4 per cent in the December quarter of 2021-22, lower than the 8.4 per cent growth seen in the September quarter. However, this was much higher than the 0.5 per cent growth seen in the same period (October-December) of 2020-21.
In the first quarter of 2021-22, economic growth stood at a whopping 20.1 per cent, mainly on account of a lower base effect.
In its second advance estimates of national accounts, the National Statistical Office (NSO) had projected a growth of 8.9 per cent in 2021-22, lower than its first advance estimate released in January 2022.
At that time, the NSO had forecast a growth of 9.2 per cent for 2021-22 against a contraction of 6.6 per cent in 2020-21.
However, the December quarter’s growth was the fifth consecutive quarter when the GDP showed positive growth.
The economy grew by 0.5 percent in the third quarter of 2020-21, 1.6 percent in the fourth quarter of 2020-21, 20.1 percent in the first quarter of 2021-22 and 8.4 percent in the second quarter. current financials.
In the first two quarters of 2020-21, the growth rate stood at -24.4 per cent and -7.4 per cent respectively, as the country was under complete lockdown due to the outbreak of the coronavirus pandemic and all economic activities came to a halt.
After the gradual lifting of restrictions and activities related to the festive season resumed from October 2020, the third and fourth quarters saw modest but positive growth.