India’s economic growth fell to 4.1 percent in January-March 2021-22, a four-quarter low, reflecting the impact of the Covid-19 pandemic’s Omicron wave on the manufacturing sector and contact-intensive services. The National Statistical Office reduced its year-on-year gross domestic product (GDP) growth forecast for the full fiscal year 2021-22 to 8.7%, down from 8.9% anticipated in February. In the years 2020-21, the economy shrank by 6.6 percent.
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In Q4 of FY22, private final consumption expenditure — a measure of individual consumption of goods and services – increased by 1.8% year on year. Gross fixed capital creation (GFCG) increased by 5.1 percent, which is a proxy for investment activity. Government final consumption expenditure increased by 4.8 percent in January-March, bolstering the economy.
Gross Value Added (GVA) increased by 8.1 percent in FY22, compared to a decline of 4.8 percent the previous year. In nominal terms, which account for inflation, GDP is expected to expand by 19.5%, compared to a fall of 1.4% last year.
Separately published statistics for government accounts revealed that the fiscal deficit for 2021-22 was 6.71 percent of GDP, lower than the 6.9 percent forecast by the Finance Ministry in the updated Budget Estimates. According to another statistic issued, the output of eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and power — increased by 8.4% in April, compared to a 62.6 percent increase the previous month. In March, it increased by 4.9 percent.
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