Economy grew 8.7% in 2021-22, above pre-pandemic level

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India’s economy grew by 8.7% in 2021-2022

India’s economy grew by 8.7% in 2021-22, with gross domestic product (GDP) growing by 4.1% in the March quarter from a year ago.

GDP growth for 2021-22 lifts the economy above its pre-pandemic level and is an improvement after contracting 6.6% in 2020-21.

But the January-March quarter expansion was the weakest in the prior year. It is lower than the 5.4% growth observed during the December 2021-2022 quarter.

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Meanwhile, the 4.1% growth in the March quarter 2021-22 is an expansion from the meager 1.6% growth seen in the fourth quarter 2020-21.

Incidentally, economic growth in the full fiscal year 2021-22 has gradually tumbled each quarter.

In the first quarter of 2021-2022, economic growth was a phenomenal 20.1%, which was however mainly due to the weak base effect.

In the second quarter, it was 8.4%, while it was 5.4% in the third quarter. Now, for the fourth quarter, it’s slipped to 4.1%.

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GDP for 2021-22, however, is lower than the 8.9% growth estimated by the Ministry of Statistics and Program Implementation (MoSPI), which publishes GDP data.

The 8.7% growth is also well below the Reserve Bank of India’s (RBI) estimate of 9.5% GDP growth for 2021-22.

Even the 4.1% growth in the March quarter is well below RBI’s projection for the period, which was estimated at 6.1%.

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