India’s GDP grew by 8.7% in FY22 to 6.6% shrinking previous fiscal

However, growth in the January-March period was slower than the 5.4 percent expansion in the previous October-December quarter of 2021-22.

India’s economy as GDP grew by 4.1 per cent in the fourth quarter of 2021-2022, bringing the annual growth rate up to 8.7 per cent, official data showed on Tuesday. The data show that GDP expanded by 8.7 percent in 2021-22 against a 6.6 percent contraction in 2020-21.

However, growth in the January-March period was slower than the 5.4 percent expansion in the previous October-December quarter of 2021-22.

Gross domestic product (GDP) was expanded by 2.5 percent in the corresponding period from January to March of 2020-2021, according to data released by the National Bureau of Statistics (NSO).

The NSO, in its second estimate in advance, had projected GDP growth in 2021-2022 at 8.9% China had recorded an economic growth of 4.8% in the first three months of 2022.

Rising global commodity prices have caused concern among policymakers, with the Reserve of India (RBI) announcing its first rate hike in nearly four years earlier this month.

India has more than 80 percent of its crude oil and the cost of meeting domestic fuel demand has increased since the Russian invasion of Ukraine in February. India is also the largest importer of edible oils in the world, whose prices have been at record highs since the conflict began.

The government of Prime Minister Narendra Modi announced tax benefits earlier this month to offset higher food and fuel costs.

Consumer inflation hit 6.95 per cent in March, according to the Reserve Bank of India, which reduced its own annual growth forecast to 7.2 per cent.

(With input from PTI, AFP)


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