India's GDP Likely To Grow 9.2 Per Cent In Financial Year 2021-22

The Indian economy is estimated to grow at 9.2 per cent in 2021-22, as against a contraction of 7.3 per cent in the previous fiscal, mainly due to improvement in the performance of agriculture and manufacturing sectors, the National Statistical Office (NSO) said on Friday (7 January).

Releasing the first advance estimates of National Income for 2021-22, the NSO stated, '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.'

"The growth in nominal GDP during 2021-22 is estimated at 17.6 per cent. Nominal GVA at Basic Prices is estimated at Rs 210.37 lakh crore in 2021-22, as against Rs 179.15 lakh crore in 2020-21, showing a growth of 17.4 percent," the NSSO said.

The First Advance Estimates of GDP, introduced in 2016-17 to serve as essential inputs to the Budget exercise, is based on limited data and compiled using the Benchmark-Indicator method i.e. the estimates available for the previous year (2020-21 in this case) are extrapolated using relevant indicators reflecting the performance of sectors, it said.