Economy estimated to grow at 9.2% in 2021-22, says government data
The Hindu
The growth is only due to improvement in the performance of agriculture and manufacturing sectors.
The Indian economy is estimated to grow at 9.2% in 2021-22, as against a contraction of 7.3% in the previous fiscal, mainly due to improvement in the performance of agriculture and manufacturing sectors, the National Statistical Office (NSO) said on Friday.
Releasing the first advance estimates of National Income for 2021-22, the NSO stated, “The growth in real GDP during 2021-22 is estimated at 9.2% as compared to the contraction of 7.3% in 2020-21.”
“Real GVA at Basic Prices is estimated at ₹135.22 lakh crore in 2021-22, as against ₹124.53 lakh crore in 2020-21, showing a growth of 8.6%,” it added.
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
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