The government will release GDP data for 2021-22 tomorrow amid high inflation, geopolitical tensions
Government to release GDP data for 2021-22 tomorrow May 31
The government will release gross domestic product (GDP) growth data for the third quarter of 2021-22 as well as for the complete fiscal tomorrow, May 31, 2022.
As soaring inflation caused by soaring fuel prices and soaring cooking oil prices burned through a hole in ordinary people’s daily budgets, growing geopolitical tensions due to the Russia war- Ukraine-induced has threatened to derail economies around the world and is expected to impact India’s growth story too.
The Department of Statistics and Program Implementation (MoSPI), which publishes GDP data, has estimated that the economy will grow at 8.9% between 2021-22 compared with a contraction of 6.6% in the period 2020-21.
The Reserve Bank of India (RBI) has forecast 9.5% GDP growth for 2021-22 and keeps the third quarter growth at 6.1%.
The International Monetary Fund (IMF) has predicted that India’s growth will be 9% between 2021-22 while Fitch holds at 8.4%.
The RBI’s forecast for 6.1% growth in the third quarter of 2021-22 – if it manages anywhere near it – would be an improvement from the 5.4% GDP growth seen in third quarter or December of the said fiscal year.
India’s GDP grew by 5.4% in the quarter from December 2021 to 22, lower than the increase of 8.4% in the September quarter. However, it is much higher than the 0.5% growth already seen. witnessed during the respective period (October to December) of 2020-21.
In the first quarter of 2021-22, economic growth came in at a staggering 20.1%, however, mainly due to the low base effect.
In its second pre-estimate of national accounts, the National Statistics Office (NSO) forecast 8.9% growth for 2021-22, lower than the first pre-estimate released. in January 2022.
At the time, NSO had forecast 9.2% growth for 2021-22 compared with a 6.6% decline for 2020-21.
However, December quarter growth was the fifth consecutive quarter when GDP growth was positive.
The economy grew by 0.5% in the third quarter of 2020-21, 1.6% in the fourth quarter of 2020-21, 20.1% in the first quarter of 2021-22, and 8.4% in the second quarter of the fiscal year. current main.
In the first two quarters of 2020-21, the growth was -24.4% and -7.4% respectively, as the country was completely shut down due to the outbreak of the Coronavirus pandemic and all economic activities had stopped. stalled.
Gradually after restrictions were lifted and festival-related activities started from October 2020 onwards, Q3 and Q4 showed meager but positive growth.
