The country’s GDP had fallen by 7.3% in the financial year 2020-21, due to this base effect, the growth rate seems to have increased this year.
GDP FY22 estimate: The growth rate of the country is estimated to be 9.2 percent in the financial year 2021-22. The National Statistical Office (NSO) released these figures on Friday. In the last financial year 2020-21, the GDP growth rate declined by 7.3 percent due to the Kovid-19 epidemic and the strict ‘lockdown’ imposed for its prevention. Due to this base effect, the growth rate seems to have increased this year. This estimate of NSO is slightly lower than the Reserve Bank of India’s (RBI) estimate of 9.5 percent GDP growth rate for 2021-22.
NSO said in a statement, “Real GDP at constant price is estimated to be Rs 147.54 lakh crore in 2021-22. Whereas in the provisional estimate for 2020-21 released on May 31, 2021, it was Rs 135.13 lakh crore. In this way, the growth rate of real GDP is estimated to be 9.2 percent in 2021-22. Whereas a year ago in 2020-21, it had declined by 7.3 percent.
Government estimates lower than RBI
There was a record decline of 7.3% in GDP in the financial year 2020-21 due to the COVID-19 pandemic. The government’s projected GDP growth rate for the fiscal year 2022 is 9.2 percent, which is lower than the RBI’s estimate. Thus, the NSO’s estimate is slightly lower than the Reserve Bank of India’s (RBI) estimate of 9.5 percent GDP growth rate for 2021-22.
Growth rate can be so much in different sectors
The growth rate of agriculture sector is estimated to be 3.9 percent in the current financial year. This is higher than 3.6 percent in the financial year 2020-21. On the other hand, the manufacturing sector is expected to grow by 12.5 percent, while in the year 2020-21, there was a decline of 7.2 percent. According to NSO, there is a possibility of growth of 14.3 percent in the mining sector and 11.9 percent in the service sector related to trade, hotels, transport, communication and broadcasting.
Real GDP estimated to be 147.54 lakh crores
According to NSO, “Real GDP is estimated to be 147.54 lakh crore in the financial year 2021-22. Whereas in the estimate released in May 2021, the provisional estimate of GDP was Rs 135.13 lakh crore. Real GDP is expected to grow by 9.2 per cent during 2021-22, while it declined by 7.3 per cent in 2020-21. Real GVA in 2021-22 is estimated to be Rs 135.22 lakh crore with a growth of 8.6 per cent, as compared to Rs 124.53 lakh crore in 2020-21.