Monday, May 23, 2022

Government Forecasts 2021-22 Economic Growth At 9.2%

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New Delhi :

The economic growth rate of the country is estimated to be 9.2 percent in the financial year 2021-22. With the better performance of various sectors, especially agriculture, mining and manufacturing, the growth rate will even surpass the pre-Covid level. According to the first advance estimate of national income released by the National Statistical Office (NSO) on Friday, all sectors of the economy have seen growth. There was a decline of 7.3 percent in the GDP (Gross Domestic Product) growth rate due to ‘lockdown’.

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NSO said in a statement, “Real GDP (Gross Domestic Product) at constant prices 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 of real GDP in 2021-22 is estimated to be 9.2 percent. Whereas a year ago in 2020-21 it declined by 7.3 percent. “According to this estimate, GDP in absolute terms in 2021-22 will cross the figure of Rs 145.69 lakh crore in pre-Covid level 2019-20. March Economic growth was adversely affected in the financial year 2020-21 due to the ‘lockdown’ imposed from March 25, 2020, to prevent the epidemic in the country in 2020.

However, NSO’s growth forecast is slightly lower than the Reserve Bank of India’s estimate of 9.5 percent GDP growth for 2021-22. According to the statement, the real gross value-added (GVA) at base price in 2021-22 is Rs 135.22 lakh crore. It is estimated to be Rs 124.53 lakh crore in the last financial year 2020-21. This shows a growth of 8.6 percent. The growth rate of the agriculture sector is estimated to be 3.9 percent in the current financial year. This is higher as compared to 3.6 percent in the financial year 2020-21. While the manufacturing sector is estimated to grow by 12.5 percent while it declined by 7.2 percent in the year 2020-21. According to NSO, mining and quarrying has 14.3 percent and trade, hotels There is a possibility of 11.9 percent growth in the services sector related to transport, communication and broadcasting.

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