MOSCOW (Pakistan Point News / Sputnik - 01st June, 2022) The growth of India's GDP in 2021-2022 is estimated at 8.7%, marking a major increase after last year's recession, the Indian National Statistical Office said on Tuesday.
"Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) prices in the year 2021-22 is estimated to attain a level of (147.36 trillion rupees, $1.89 trillion), as against the First Revised Estimate of (135.58 trillion rupees, $1.74 trillion) for the year 2020-21, released on 31.01.2022. The growth in GDP during 2021-22 is estimated at 8.7 percent as compared to a contraction of 6.6 percent in 2020-21," the statement said.
The Primary areas of economic activity where India's GDP is expected to grow this year include mining and quarrying at 11.5%, manufacturing at 9.9%, construction at 11.5%, and services at 12.6%.
In April, output in India's eight major sectors increased by 8.4%, marking the fastest pace of growth over the past six months, with crude oil and steel being the only sectors to record a slight decline in output compared to April of last year.
GDP in the only two sectors that witnessed a GDP growth in 2020-2021 - agriculture and finance, real estate and professional services - will expand by 3% and 4.2%, respectively, in 2021-2022, with the previous year's GDP there growing by 3.3% and 2.2%.
