The ‘engine’ of the economy is getting back on track! The country’s GDP may remain 9.2 percent in the year 2021-22

GDP Data 2021-22: In the current financial year 2021-22, the GDP is estimated to be 9.2 percent. The Central Statistics Office (CSO) released the first advance estimates of annual GDP growth on Tuesday. In the last financial year 2020-21, GDP (minus) was – 7.3 percent. However, the figures released by the government are less than the RBI’s estimate of 9.5 percent.

Manufacturing sector expected to perform better

These figures of GDP of the Ministry of Statistics will be used as a base in making the budget. According to these figures, the agriculture sector will show growth at the rate of 3.9 per cent in 2021-22 as against 3.6 per cent in 2020-21. At the same time, the manufacturing sector will grow at the rate of 12.5 percent, while in 2020-21 this sector was – 7.2 percent. Mining and Quarrying will show a growth rate of 14.3 per cent in 2021-22 as against -8.5 per cent in 2020-21. The growth rate of electricity, gas, water supply and other utilities is estimated to be 8.5 per cent as against 1.9 per cent in 2020-21.

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The construction sector will grow at the rate of 10.7 per cent in 2021-22 while 2020-21 will grow at -8.6 per cent. Services related to trade hotels, transport, communication, broadcasting will grow at the rate of 11.9 percent, while in 2020-21 – there was a growth rate of 18.2 percent. Financial, real estate and professional services will grow at 4 per cent as against minus 1.5 per cent growth in 2020-21. Public administration, defense and other services will grow at the rate of 10.7 per cent as against minus 4.6 per cent growth in 2020-21.

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