India’s GDP growth rate was 4.1 percent in the fourth quarter (January-March) of the financial year 2021-22. At the same time, in the entire financial year 2021-22, the country’s GDP growth was 8.7 percent. This growth rate is at the lowest level in the last four quarters. India’s GDP growth rate was 5.4 percent in the October-December quarter. The National Statistics Office (NSO) released these figures on Tuesday.
According to the data, the country’s GDP has increased to Rs 40.78 lakh crore in the fourth quarter, which was Rs 39.18 lakh crore in the same quarter of the financial year 2020-21. According to data from the Statistics Office of the Government of India, GDP in the March quarter has been recorded at 4.1 percent. Whereas the GDP growth for the financial year 2021-22 was recorded at 8.7 percent.
GDP growth was 8.5 percent in the second quarter of the financial year and 20.3 percent in the first quarter. However, the government in its advance estimate had given a growth rate of 8.9 per cent for the financial year 2021-22. An increase in Omicron cases in January and the Russo-Ukraine war in February exacerbated the economic crisis, causing commodity prices to rise and supply shortfalls.
This GDP growth rate is also important because it reflects progress in economic reforms after the start of the corona epidemic in 2020. However, GDP growth is lower than the second advance estimate of 8.9 per cent released on February 28 and 9.2 per cent in the first advance estimate released in January. The Reserve Bank of India (RBI) has projected India’s GDP growth rate at 7.2 percent for 2022-23.
Growth of 0.3 percent in the manufacturing sector: Sectors that were expected to register double digit growth in the financial year 2021-22 include manufacturing (9.9%), mining and quarrying (11.5%), construction (11.5%), trade, hotels , transport, communication and broadcasting related services (11.1%), public administration, defense and other services (12.6%). However, among the eight core sectors, manufacturing was the only sector that saw a decrease in the fourth quarter in the January-March quarter. The manufacturing sector registered a growth of 0.3 per cent in the October-December quarter. Agriculture registered a growth of 4.1 per cent in the fourth quarter, while mining and quarrying and construction sectors grew by 6.7 per cent and 2.0 per cent, respectively.