GDP grows by 4.1 in Q4, overall growth estimated to be highest in 22 years: CEA

The country’s Gross Domestic Product (GDP) has made a significant comeback after a contraction of 6.6% last year

June 1, 2022

The overall growth of GDP recorded for FY22 is estimated to be 8.7%

India’s nominal GDP grew by 19.5% in FY22

Trade, hotels, and transport grew by 11.1%

The Gross Value Added (GVA) came in at 8.1%

India’s Gross Domestic Product (GDP) grew by 4.1% in the fourth quarter of this year, and the overall growth recorded for FY22 is estimated to be 8.7%, which is the highest in the last 22 years in terms of back series data. The country’s GDP has made a significant comeback after a contraction of 6.6% last year.

India’s nominal GDP grew by 19.5% in FY22.

Contact-intensive sectors like trade, hotels, and transport grew by 11.1%. Manufacturing grew by 9.9%, and construction showed a growth of 11.5%. 

The Gross Value Added (GVA) came in at 8.1%. According to an expert, the services sector mainly drove 3.9% of the GVA during the fourth quarter of FY22. He further added that Public Administration, Defence and Other Services (PADOS) stood out as the fastest growing sub-sector of the GVA in Q1 of FY21.

Commodity pieces are expected to rise in the future, but as a solution, the Reserve Bank of India announced a rate hike of 40 bps in the repo rate, making it 4.40%. A Repo rate is the rate at which the RBI lends money to commercial banks in the event of any shortfall of funds.

According to Anantha Nageshwaran, the country’s Chief Economic Adviser, the financial sector of the country is in better shape to support the GDP’s growth.

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