New Delhi- India’s economy grew by 4.1 per cent in the January-March quarter of 2021-22, pushing the annual growth rate to 8.7 per cent on account of better performance by manufacturing, mining and construction sectors, official data showed on Tuesday.
In the previous fiscal 2020-21, the economy had contracted by 6.6 per cent as the COVID-19 pandemic disrupted business activities.
China had registered economic growth of 4.8 per cent in the first three months of 2022.
The 4.1 per cent expansion during the January-March period of 2021-22 is the lowest quarterly growth in the last fiscal. The growth was 20.1 per cent, 8.4 per cent, and 5.4 per cent, in the first, second and third quarters, respectively, as per the data released by the National Statistical Office (NSO).
The GDP had grown by 2.5 per cent in the January-March quarter in the previous year.
The NSO, in its second advance estimate released in February, had projected the GDP growth during 2021-22 at 8.9 per cent.
The Economic Survey tabled in Parliament in February had estimated the GDP growth for the current fiscal (2022-23) in the range of 8 – 8.5 per cent.
According to the NSO data, India’s real GDP grew to Rs 147.36 lakh crore from Rs 135.58 lakh crore in 2020-21.
Gross value added (GVA) growth during the fiscal ending March 2022 was at 8.1 per cent as against a contraction 4.8 per cent in the preceding year.
The GVA growth in the manufacturing sector accelerated to 9.9 per cent during the year as against a contraction of 0.6 per cent earlier.
GVA growth in both mining and construction was 11.5 per cent. These two large segments of the economy had contracted in the COVID-hit 2020-21.
However, agriculture sector growth decelerated to 3 per cent from 3.3 per cent in FY21.
Electricity, gas, water supply and other utility services segment grew by 7.5 per cent during 2021-22. The segment had contracted by 3.6 per cent in the previous fiscal.
GVA growth in services sector — trade, hotel, transport, communication and services related to broadcasting — was 11.1 per cent during 2021-22 as against a contraction of 20.2 per cent in the previous year.
Financial, real estate and professional services grew by 4.2 per cent in the year over 2.2 per cent earlier.
Public administration, defence and other services posted 12.6 per cent growth against (-)5.5 per cent in 2020-21.
“Real GDP at Constant (2011-12) Prices in the year 2021-22 is estimated to attain a level of Rs 147.36 lakh crore, as against the First Revised Estimate of Rs 135.58 lakh crore for the year 2020-21.
“The growth in GDP during 2021-22 is estimated at 8.7 percent as compared to a contraction of 6.6 percent in 2020-21,” the NSO said.
Also, nominal GDP or GDP at Current Prices in 2021-22 was estimated at Rs 236.65 lakh crore, as against Rs 198.01 lakh crore in 2020-21, showing a growth of 19.5 per cent
As per the NSO data, per capita income (based on net national income) during 2021-22 was Rs 1.5 lakh per annum at current prices, up from 1,26,855 in 2020-21, showing a growth of 18.3 per cent.
However, at constant prices, per capita annual income works out to be Rs 91,481, up 7.5 per cent from Rs 85,110 in FY21.
Gross fixed capital formation was estimated at Rs 47.84 lakh crore in 2021-22, up from Rs 41.31 lakh crore in the preceding year. (PTI)