Amid the gloomy situation due to the 3rd wave of COVID, India has received a massive boost on the Economics front. the First Advance Estimates of National Income for the financial year 2021-22, estimated that ‘Real GDP’ or ‘GDP at Constant Prices’ (2011-12) in the year 2021-22 rose to Rs 147.54 lakh crore from Rs 135.13 lakh crore, the ‘Provisional Estimate of GDP’ for the year 2020-21.
“The growth in real GDP during 2021-22 is estimated at 9.2 percent as compared to the contraction of 7.3 percent in 2020-21,” the National Statistical Office (NSO) said.
As per the estimate, real GVA at basic prices is estimated at Rs 135.22 lakh crore in 2021-22, as against Rs 124.53 lakh crore in 2020-21, showing a growth of 8.6 percent. In terms of sectors, the estimates showed growth from agriculture, forestry and fishing, mining and quarrying, manufacturing, and construction at 3.9 percent, 14.3 percent, 12.5 percent, and 10.7 percent, respectively.
The GVA at basic prices for 2021-22 from the electricity, gas, water supply, and other utility services sector is expected to grow by 8.5 percent.
Besides, GVA from transport, hotels, trade, communication, and services related to broadcasting, financial, real estate and professional services, and public administration, defense, and other services grew at 11.9 percent, 4 percent, and 10.7 percent, respectively.
The PHD Chamber of Commerce and Industry President Pradeep Multani termed the GDP growth estimate of 9.2 percent for FY 2021-22 released by the NSO as “inspiring”.
“The effective reforms undertaken by the government have rejuvenated the growth trajectory,” he said.
“Going ahead, we look forward to the continued hand-holding by the Government through various reforms measures including the further reforms for MSMEs, enhanced consumption in the economy, greater ‘Ease of Doing Business’, reduced costs of doing business and employment creation in the country.”
ICRA Chief Economist Aditi Nayar said, “Compared to the pre-Covid performance of FY2020, the advance estimates project an anemic rise of 1.3 percent and 1.9 percent, respectively, for GDP and GVA in FY2022.”