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Provisional Estimates released by the Statistics Ministry showed that the economic growth in FY22 stood at 8.7 per cent
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The government on Tuesday released Gross Domestic Product (GDP) data for the March quarter of FY22. The Indian economy grew at 4.1 per cent in the quarter, slipping from Q3's growth of 5.4 per cent.
Provisional Estimates released by the Statistics Ministry showed that the economic growth in FY22 stood at 8.7 per cent. This is slightly lower than what the government had presented in its second advanced estimate in February when it had predicted the economy to grow at 8.9 per cent in FY22.
The fluctuation in GDP numbers could be attributed to the impact of localised restrictions during the Omicron wave and high inflationary pressures hitting private consumption. The fears of the Omicron-led third wave resulted in disruption of economic recovery which was afoot.
"While the readings have broadly come In line with expectations, The outlook remains clouded with uncertainties especially with escalating crude oil prices. Further, weak labor markets, limited ability on additional fiscal spends, reduced corporate margins due to rising input prices and weaker global demand remain a concern," said Upasna Bhardwaj, Senior Economist, Kotak Mahindra Bank.
In the March quarter, the agriculture sector grew 4.1 per cent, while the manufacturing segment contracted 0.2 per cent. The gross value added (GVA) during the fourth quarter stood at 3.9 per cent, while that for the full financial year was at 8.1 per cent.