India's gross domestic product (GDP) is projected to grow at 9.2% to ₹147.5 lakh crore for the current financial year ending March 2022, Minister of State for Finance Pankaj Chaudhary said on Monday.
In a written reply to a query in the Lok Sabha, Chaudhary said the government has implemented several major reforms in recent years to boost investment and GDP growth.
"As per the first advance and first revised estimates of GDP released by the National Statistical Office (NSO), the size of real GDP has been increased from ₹105.3 lakh crore in 2014-15 to ₹135.6 lakh core in 2020-21 and estimated to be ₹147.5 lakh crore in 2021-22," he said.
After expanding at 9.2% this fiscal as projected in the first advance estimate, the Indian economy is set to grow at 8-8.5% in FY23, the finance ministry said in the Economic Survey 2021-22.
Citing forecasts from global agencies, the Survey said that the economy’s strong rebound from the 7.3% contraction seen last fiscal has placed it as the “fastest growing major economy" for the years FY22-24.
All macro indicators indicated the economy was well placed to face challenges, helped by pick ups in farm and industrial output growth, said the report.
Growth will be supported by “widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending," the survey said.
The survey expectations for the next fiscal year are conservative compared to the 9% expansion seen by IMF.