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Govt pegs India's FY22 GDP growth at 8.7%; Here are the key highlights

The Indian economy’s growth moderated to 4.1% on an annual basis in the last quarter of the previous fiscal while the growth rate for FY22 has been pegged at 8.7%, government data showed on Tuesday.

India’s gross domestic product (GDP) had contracted by 6.6% in FY21. The expansion in gross value added (GVA) meanwhile, has been pegged at 3.9% in year-on-year (YoY) terms. Analysts had estimated India’s real GDP to grow around 5% YoY in Q4FY22 & a 9% GDP growth in FY22.

Here are the key highlights:

"The deceleration in GDP growth in Q4 is on expected lines. The contraction in the manufacturing sector - which struggled with supply bottlenecks and high input prices- in the last quarter of FY22 is a cause of concern. The other concerning aspect is the reduction in consumption to GDP ratio in the fourth quarter of FY22, even while the investment to GDP ratio has bounced back. Going forward, India’s economy will continue to feel the heat of global volatility and uncertainties," Rajani Sinha, Chief Economist, CareEdge said.

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