Note Ban Not Impacted, GDP To Grow At 7.1pc | News Watch (02-03-2017) | iNews

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    India's GDP likely to grow 9.2% in FY22

    The size of the Indian economy is expected to surpass the pre-pandemic level by growing at 9.2% in the fiscal year ending March 31, 2022, after recovering from a historic contraction in the preceding year. The estimated growth is below the Reserve Bank of India's pre-third wave projection of 9.5% last month. According to the first Advance Estimates released by the National Statistical Office (NSO), India’s nominal GDP may expand to Rs 232.1 trillion in FY22, from Rs 203.5 trillion in FY20. In FY21, nominal GDP had slipped to Rs 197.5 trillion because of the Covid pandemic that led to a nationwide lockdown, which hit both private consumption and output. Advance Estimates, so that the government has an annual estimate of GDP to be incorporated in the Budget calculations even at the cost of less accuracy. Economists, however, believe the first Advance Estimates may have downplayed the imminent impact of the third wave of the pandemic on the Indian economy for the fourth quarter of FY22. Thus, they could have overestimated the overall growth.

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