India's FY22 growth may fall to 8.8% from earlier 9.2% estimate: NSO
05 Feb 22 2 min read
NSO also revised down GDP growth for FY19 to 3.7 per cent from the earlier estimate of 4 per cent.
“Real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at ₹ 135.58 lakh crore and ₹ 145.16 lakh crore, respectively, showing a contraction of 6.6 per cent during 2020-21 as compared to growth of 3.7 per cent during 2019-20,” NSO said in the revised national account data.
“FY21 GDP contraction pegged at minus 6.6 per cent from minus 7.3 per cent earlier. FY20 numbers revised to 3.7 per cent from 4 per cent. At this rate, FY22 growth rate is now at 8.8 per cent. We expect a further jump in FY23 estimates. However, all changes are purely of [the] base in FY20 as of now,” State Bank of India’s chief economist Soumya Kanti Ghosh tweeted.
Industry department data showed growth in the eight infrastructure sectors picked up in December to 3.8 per cent as the impact of heavy rains eased. It had dipped to a nine-month low of 3.1 per cent in November. However, core sector growth remained considerably lower than 8.4 per cent expansion seen in October.
Fibre2Fashion News Desk (DS)
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