The gross domestic product (GDP) of India climbed to 8.7 percent in the fiscal year 2021–2022, the highest level in 22 years, according to back series statistics. Following the pandemic and ensuing lockdown put in place to stop the deadly coronavirus from spreading, the economy contracted by 6.6 percent in 2020–21. In FY21, the economy shrank for the first time in forty years.
According to data made available by the government on Tuesday, GDP growth was 4.1 percent for the fourth quarter (Q4) that ended in March 2022.
Real GDP at constant prices (2011–12) is expected to reach a level of Rs 147.36 lakh crore in FY22, as opposed to the earlier revised estimate of Rs 135.58 lakh crore for FY21, according to the official statement.
GDP growth was 20.1 percent in the first quarter compared to 5.4 percent the quarter before. The government revised its estimate of GDP for the second quarter from 8.5 percent to 8.4 percent.
According to the Center’s second revised GDP predictions, which were released in February, India’s economy was predicted to grow by 8.9 percent in FY22.
According to the Economic Survey, which was sent to Parliament in February, the GDP growth for the current fiscal year (2022-23) would range between 8 and 8.5 percent.
Gross value added (GVA) increased by 8.1 percent for the fiscal year that ends in March 2022 compared to a decrease of 4.8 percent the previous year.
NSO data show that during 2020–21 and 2021–22, the per capita income (based on net national income) increased by 18.3%, rising from Rs. 1,26,855 to Rs. 1.5 lakh.
However, if prices stay the same, the per capita annual income comes out to be Rs 91,481, up 7.5 percent from Rs 85,110 in FY21. In 2021–22, it was predicted that gross fixed capital formation will rise from Rs 41,31 lakh crore to Rs 47,84 lakh crore. The economy’s near-term prospects are in doubt due to a strong rise in retail inflation, which hit an eight-year high of 7.8 percent in April.