New Delhi: The day before the 2022 Union budget presentation, the government on Monday revised the growth of Gross Domestic Product (GDP) for the financial year 2021-22.
In the official release, the National Statistics Organization (NSO) said the Indian economy was contracted by 6.6 percent by 2020-21 as a 7.3 percent contraction shown in a temporary estimate.
“Real GDP or GDP at Constant (2011-12) prices for 2020-21 and 2019-20 stand at RS 135.58 Lakh Crore and Rs 145.16 Lakh Crore, respectively, showed a contraction of 6.6 percent for 2020-21 Compared to 3.7 percent growth during 2019-20, “NSO said in revised national account data.
The announcement came just minutes after the center presented an economic survey for the financial year 2021-22.
Complete coverage: Union budget 2022-23 Principal Economic Advisor SANJEEV Sanyal said that India will maintain its tag from the fastest growing economy in the world, by saying having fiscal space to do more to support the economy and good to meet the challenges.
The economy has experienced its first technical recession in FY21 because two returned to the residence of Negative GDP growth.
However, with the administration of the Covid vaccine and a decrease in cases, the government began to facilitate restrictions and business activities to increase.
As a result, India posted the best 20.1 percent GDP growth in the first quarter of FY22, mainly due to low basic effects.
After that, economic recovery has maintained a stable speed.
However, Omicron’s onset variant did bring some uncertainty but the impact had not been seen.
While presenting an economic survey, Sanyal said that the Indian economy had passed the pre-pandemic level and was well placed to face challenges of 2022-23.
The first advanced estimate of GDP released by the government earlier this month projected the Indian economy to grow by 9.2 percent in FY22.