India’s economic growth expected to be 8.7% in FY22, Q4 GDP to be 4.1 %

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India’s economic growth fell to 4.1 percent in January-March 2021-22, a four-quarter low, reflecting the impact of the Covid-19 pandemic’s Omicron wave on the manufacturing sector and contact-intensive services. The National Statistical Office reduced its year-on-year gross domestic product (GDP) growth forecast for the full fiscal year 2021-22 to 8.7%, down from 8.9% anticipated in February. In the years 2020-21, the economy shrank by 6.6 percent.
GDP growth in the fourth quarter was lower than the 5.4 percent recorded in the October-December quarter, but higher than the 2.5 percent experienced in January-March 2021.
The GDP figure for FY22 is noteworthy since it shows growth in the year following the outbreak of the Covid-19 epidemic in 2020.
The most recent estimate of GDP growth is lower than the second advance estimate of 8.9% (published on February 28) and the first advance estimate of 9.2%. (released in January).
India’s GDP growth rate is expected to be 7.2 percent in 2022-23, according to the Reserve Bank of India (RBI).

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