Govt projects GDP growth estimates at 9.2% for FY22

India's Gross Domestic Product (GDP) may grow 9.2% in the financial year 2021-2022 as compared to the contraction of 7.3 per cent in 2020-21, mainly due to improvement in the performance of agriculture and manufacturing sectors, showed government's first advance estimates on Friday. 

This is below the 9.5 per cent projection by Reserve Bank of India (RBI) and International Monetary Fund (IMF).

Releasing the first advance estimates of National Income for 2021-22, the National Statistical Office (NSO) stated, ''The growth in real GDP during 2021-22 is estimated at 9.2 per cent as compared to the contraction of 7.3 per cent in 2020-21.''

The real GVA is estimated at ₹135.22 lakh crore in 2021-22, as against ₹124.53 lakh crore in 2020-21, showing a growth of 8.6%, it added.

FY22 nominal GDP growth estimate at 17.6%, it stated.

Advance estimates are released to provide the numbers to the finance ministry to work on the Budget for the next financial year.

RBI had projected a GDP growth rate of 9.5% for the current financial year with inflation seen at 5.3%.

The economy registered an 8.4 per cent growth in the second quarter of the current fiscal (FY22), as per the data released by the National Statistical Office (NSO) on November 30.