India’s GDP Growth Is Expected To Be 9.3 Percent

June 2, 2021 daknewsnetwork

India’s GDP growth is expected to be 9.3 percent in the current financial year and 7.9 percent in the next financial year: Moody’s.

Moody’s Investors Service on Tuesday projected India’s GDP growth rate at 9.3 percent for the current financial year ending March 2022.

At the same time, the rating agency has estimated the country’s GDP growth to be 7.9 percent in the financial year 2023.

Rating agency Moody’s Investors Service said, ‘Economic activity will slow down due to the re-imposition of lockdown restrictions in many parts of the country, but we do not expect the severe impact of the first wave of the epidemic again.’

The rating agency further said, ‘We expect economic activity to decline in the April-June quarter. After that, the recovery will come.

As a result, real, inflation-adjusted GDP growth is expected to be 9.3 percent in the fiscal year ending March 2022. At the same time, the GDP growth rate is expected to be 7.9 percent in the financial year 2022-23.

Let us inform you here that the GDP figures of the country were released on Monday by the Ministry of Statistics and Program Implementation.

According to the data, in the fourth quarter of the financial year 2020-21, the country’s growth rate stood at 1.6 percent. But in the financial year 2020-21, India’s economy registered a contraction of 7.3 percent.

In the data released by the ministry, it has been said that in the financial year 2019-20, the country’s growth was at four percent.

According to the data, GDP stood at Rs 38.96 lakh crore in the fourth quarter of the financial year 2020-21. GDP stood at Rs 38.33 lakh crore in the March quarter of the financial year 2019-20.

This shows a growth of 1.6 percent year on year.

Strong recovery in Indian economy, soon to pre-Covid level: Piyush Goyal.

Union Minister Piyush Goyal has said that the Indian economy is moving towards a strong recovery and it is on track to cross the pre-COVID-19 level.

The Minister of Commerce & Industry, Consumer Affairs was holding a review meeting with industry associations on the current and future challenges due to the COVID-19 pandemic, during which he said, ‘The second wave of COVID-19 has been tough for all of us.

However, the industry’s proactive role, resilience and commitment will ensure our return with greater vigor. Our economy will soon be back successfully post COVID.