India’s GDP Is Estimated To Grow By 9.2 Percent In 2021-22

India’s GDP is estimated to grow by 9.2 percent in the current financial year.

India’s GDP is projected to grow by 9.2 percent in the current fiscal, compared to a contraction of 7.3% in 2020-21.

According to the data released by the National Statistical Office (NSO) on Friday, this increase can be seen mainly due to the improvement in the performance of the agriculture and manufacturing sectors.

The first advance estimate of national income for 2021-22, NSO said, is projected to grow by 9.2 percent in real GDP during 2021-22, compared to a contraction of 7.3 percent in 2020-21.

The third wave of the coronavirus pandemic is likely to adversely affect the GDP growth rate of 0.4 percent in the fourth quarter and is expected to range from 4.5 to 5.0 percent.

Credit rating agency Icra Ratings made this estimate on Wednesday.

Cases of infection have been increasing rapidly since the appearance of the new form of coronavirus, Omicron.

Recently, rating agency Icra had said that due to the restrictions being imposed in various states due to Omicron, economic recovery may be affected in the fourth quarter (January-March, 2022) of the current financial year.

However, ICRA did not change India’s GDP growth rate despite the Omicron crisis. ICRA maintained this growth rate at the same level of nine percent as before.

This estimate of Icra is already lower than that of other research agencies.

The RBI has projected GDP growth at the rate of 9.5 percent in the current financial year.

Icra estimates that the Indian economy may suffer a loss of Rs 39.3 lakh crore in the financial year 2021-22 due to the Corona epidemic.

According to Icra, by March next year, 85-90 percent of adults in India will have taken both doses of the vaccine.

The vaccine has also been announced for 15-18-year-olds along with a booster dose.

However, it will be very important to see how effective the vaccine will prove to be on the new variant of the corona, Omicron, and to what extent it is successful in keeping the third wave away.