India Ratings pegs GDP growth for FY22 at 8.6% after data revision
- IBEF
- February 24, 2022
NSO is expected to estimate FY22 real gross domestic product growth at Rs. 147.2 lakh crore (US$ 197 billion), according to an India Ratings research. This amounts to an 8.6% GDP growth rate, down from 9.2% predicted in the first advance estimate given on January 7, 2022. The provisional estimate of (-)7.3% released on May 31, 2021 has been revised down to (-)6.6% for FY21. Aside from that, the second revised estimate of national income for FY20 was 3.7%, down from the previous projection of 4%, while the third estimate kept FY19 growth at 6.5%.
The growth rates of GDP demand drivers such as private final consumption expenditure, government final consumption expenditure, and gross fixed capital formation have changed, and quarterly GDP growth statistics are also projected to alter this year. The final GDP data for a year takes around three years to complete. The first advance estimate is followed by the second advance estimate, provisional estimate, first revised estimate, second revised estimate, and finally third updated estimate.
The more disaggregated data, tell a different story, pointing out that the third revised estimate of demand side drivers, such as private final consumption expenditure, government final consumption expenditure, and gross fixed capital formation, differs significantly from the first advance estimate.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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