: Indian economy grew at 8.7% in 2021-’22 #IndiaNEWS India’s gross domestic product grew at 8.7% in 2021-’22 as against a contraction of 6.6% during the last financial year, showed government data

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Indian economy grew at 8.7% in 2021-’22 #IndiaNEWS
India’s gross domestic product grew at 8.7% in 2021-’22 as against a contraction of 6.6% during the last financial year, showed government data released on Tuesday.The country registered gross domestic product, or GDP, growth of 4.1% in the fourth (January-March) quarter, according to the National Statistical Office. The country’s GDP had risen by 5.4% in the third (October-December) quarter.The GDP for 2021-’22 is less than the 8.9% estimated by the Ministry of Statistics and Programme Implementation, NDTV reported.In October, the Reserve Bank of India had predicted that the Indian economy would grow by 9.5% in 2021-2022.However, in January, the International Monetary Fund slashed its growth forecast for India in 2021-’22 to 9% from the earlier estimate of 9.5%, according to The Times of India. The organisation had cited the impact of the coronavirus for the new forecast.The reduction in the growth rate was because of a drop in growth in agriculture, mining, construction and manufacturing sectors.The output of eight infrastructure sectors increased by 8.4% in April, according to the government data. The output of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity had expanded by 4.9% in March 2022.Fiscal deficit improved to 6.7% of GDPFiscal deficit improved to 6.71% of the GDP for 2021-’22 over the revised budget estimate of 6.9%, the government data...Read more

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