According to data released by the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) grew by 5.4 per cent in the third quarter of the fiscal as compared to a growth of 8.4 per cent in the previous quarter. After recovering from the severe impact of COVID-19 in the last financial year, GDP grew sharply at 8.4 per cent in the July-September quarter (Q2) and 20.1 per cent in the April-June quarter (Q1).
The NSO’s second advance estimates for FY12 pegged the real GDP (real GDP) growth for the current fiscal at 8.9 per cent, as against 9.2 per cent projected in the first advance estimates.
Real Gross Domestic Product or Gross Domestic Product (GDP) at constant (2011-12) prices in 2021-22 is projected to attain a level of Rs 147.72 trillion as against the first revised estimate of GDP for the year 2020-21. 135.58 trillion, released on 31.01.2022,” MoSPI said.
India, Asia’s third largest economy, has now registered its fifth consecutive year of positive growth. However, growth is slower than in the past two quarters, amid rising risks from higher crude oil and commodity prices following Russia’s invasion of Ukraine.
“The pace at which India’s GDP grew in the October-December quarter shows an economy temporarily recovering from the pandemic, and one that is still reeling under supply constraints and rising commodity prices in manufacturing, rural demand and private sector growth. Consumption is grappling with shortages of both. Overall, the expected FY22 growth will now take us only to pre-pandemic absolute GDP levels, versus what was expected earlier, validating the RBI’s firmness with an accommodative policy stance that will drive growth for growth. very necessary. Impact of infra push, PLI-led capex, lag effect of reforms and easing of pandemic are reasons to be optimistic about medium term growth, oil price rise is something that could blow our expectations, “Specially said C. Chandiok, CEO-Grant Thornton India.
Gross Value Added (GVA) grew by 4.7 percent year-on-year. In the previous quarter, GVA had grown 8.4 per cent year-on-year. At the same time, there was an increase of 15.7 percent in the nominal GDP. It had grown by 19.3 per cent in the previous quarter.
The Reserve Bank of India has projected India’s growth rate to be 9.2 percent for the current financial year.
Consumer price index-based (CPI) inflation rose to 5.59 per cent in December from 4.48 per cent in October, while factory output, as measured by the Index of Industrial Production, fell to a 10-month low of 0.4 per cent, from a growth of 3.2 per cent in December. percent in October
Deloitte India economist Rumki Majumdar said: “The new uncertainties due to geopolitical conflicts could impact the growth outlook. The biggest concern will be about inflation due to skyrocketing oil prices. This can undermine the stability of development. Rising inflation and falling stock market indices may weigh on consumer sentiments and their purchasing power. A possible policy rate hike by the RBI could impact the credit growth cycle, which was improving recently.”
read all breaking news, today’s fresh news And Assembly Election Live Updates Here.
,