Tag : Period

    India's GDP Grew 8.7% In Fiscal Fy22, 4.1% In Q4

    demo
    May31/ 2022

    New Delhi: India’s economic growth slowed for a third straight quarter in the January-March period, at 4.1 per cent, data released on Tuesday showed. For full FY22, the National Statistics Office pared its growth forecast marginally to 8.7 per cent from the 8.8 per cent estimated in January. As per the data, the Indian economy witnessed a 6.6 per cent contraction in 2020-21. Further, an elevated level of inflation and rising interest rates are expected to temper economic growth momentum in FY23. During the March quarter, agriculture grew at 4.1 per cent, while manufacturing contracted 0.2 per cent. Public administration, defence and other services, which represent government expenditure, grew 7.7 per cent during the March quarter, boosting overall economic growth. Among other sectors, mining and quarrying and construction grew 6.7 per cent and 2 per cent, respectively. "GDP growth for Q4 FY22 at 4.1 per cent reflects the impact of the Omicron wave, higher input costs and a high base in certain sectors from last year. Manufacturing activity contracted while agriculture was the biggest support. The worrying part remains private consumption, which saw a decline in share in GDP in the fourth quarter. "With rising inflationary pressures, consumption recovery remains under a cloud of uncertainty for FY23. We expect growth to print at 7.2 per cent in the current fiscal. This GDP print does little to change our view that the RBI is likely to raise rates by 25 bps at the upcoming policy," said Sakshi Gupta, principal economist, HDFC Bank. According to the NSO data, India's real GDP grew to Rs 147.36 trillion from Rs 135.58 trillion in 2020-21. Gross value added (GVA) growth during the fiscal ending March 2022 was at 8.1 per cent as against ...

    Continue Reading