The National Statistical Office (NSO) on Tuesday released India’s gross domestic product (GDP) growth figures for the fourth quarter and the full financial year 2021-22. According to the data released by NSO, India’s GDP has seen a growth of 8.7 percent in the current fiscal. However, the January-March quarter saw a sharp decline of 4.1 per cent in GDP, up from 5.4 per cent in the previous quarter, due to a fall in consumer spending due to rising prices of goods and services. This is the slowest GDP growth in the year, compared to 5.4 per cent in the third quarter, 8.5 per cent in the second quarter and 20.3 per cent in the first quarter of FY22.
GDP growth in the March quarter has been very slow due to restrictions imposed due to the third wave of Corona in January and the supply chain affected at the global level. According to the data released by the ministry on Tuesday, India’s gross domestic product (GDP) grew by 4.1 percent in the January-March quarter. Earlier, in the third quarter i.e. December quarter of the financial year 2022, the country’s GDP growth rate was 5.4 percent at a slower rate, which was 8.5% in the second quarter and 20.3 percent in the first quarter.
According to government data, the agriculture sector has registered a growth of 4.1 percent in the March quarter. At the same time, a decrease of 0.2 percent has been seen in the manufacturing sector. The Gross Value Added (GVA) has been recorded at 3.9 per cent during the fourth quarter, as against 8.1 per cent during the full financial year.
GDP grew 8.7% in FY 2021-22, Quarter 4 GDP at 4%: Govt of India pic.twitter.com/qvcYwKqfzz
— ANI (@ANI) May 31, 2022
Posted By: Navodit Saktawat