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.
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%.
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%.