India’s gross domestic product (GDP) is estimated to grow at 8.9% in 2021-22 instead of 9.2% estimated earlier, with year-on-year growth in the October to December 2021 period slipping to 5.4% from 8.5% in the previous quarter, as per the second advance national income estimates released on Monday.
Gross Value-Added (GVA) in the economy is expected to grow by 8.3% this financial year, from a 4.8% contraction in 2020-21, the National Statistical Office (NSO) said. Barring the contact-intensive segment of Trade, Hotels, Transport, Communication & services related to Broadcasting, all sectors are expected to surpass pre-pandemic GVA levels this year.
India’s GDP had shrunk 6.6% in 2020-21, with the first half of the year recording a sharp contraction before GDP resurfaced to clock 0.7% growth in the October to December 2020 quarter.
