Indian economy to grow 9.2 pc in 2021-22-NSO

The Indian economy is estimated to grow at 9.2 per cent in 2021-22, as against a contraction of 7.3 per cent in the previous fiscal, mainly due to improvement in the performance of agriculture and manufacturing sectors, the National Statistical Office (NSO) said on Friday. Releasing the first advance estimates of National Income for 2021-22, the 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."  "Real GVA at Basic Prices is estimated at Rs 135.22 lakh crore in 2021-22, as against Rs 124.53 lakh crore in 2020-21, showing a growth of 8.6 percent," it added. 

The NSO estimates are a tad lower than 9.5 per cent GDP growth projection of the Reserve Bank of India.The NSO estimates significant growth in 'mining and quarrying' (14.3 per cent), and 'trade, hotels, transport, communication and services related to broadcasting' (11.9 per cent).The pandemic hit the country in March 2020, resulting in a nationwide lockdown from March 25, 2020, which severely dented the economic growth in the 2020-21 fiscal. The economy contracted by 7.3 per cent in 2020-21.