India’s Gross Domestic Product (GDP) is expected to grow by 9.5 per cent and consumer price inflation is projected to remain at 5.3 per cent in the current financial year, the Reserve Bank of India (RBI) said on Wednesday.
The economy is projected to expand by 6.6 per cent in the third quarter and by 6 per cent in the fourth quarter of 2021-22. So far, the official figures for the first two-quarters of the current fiscal have been released. The GDP expanded by 20.1 per cent during the first quarter and 8.4 per cent in the second quarter of 2021-22, year-on-year. The positive growth numbers come after a sharp contraction recorded in 2020-21.
“The NSO’s release on November 30, 2021, confirmed that the recovery of the Indian economy is gaining traction, with real GDP growth at 8.4 per cent, year-on-year, for Q2 2021-22 subsequent to 20.1 per cent in the preceding quarter. All components of GDP registered y-o-y growth, with exports and imports strongly surpassing their pre-COVID levels,” RBI Governor Shaktikanta Das said after the bi-monthly policy review meeting.
The economic growth is projected to remain strong in 2022-23. The real GDP growth is projected at 17.2 per cent in the first quarter of the financial year beginning April 2022 and 7.8 per cent in the July-September quarter of 2022-23.