New Delhi, Jan 7 : India’s real gross domestic product or GDP may grow at 9.2 per cent in the financial year 2021-22 as compared to the contraction of 7.3 per cent in the previous year, as per the First Advance Estimates released by National Statistical Office (NSO) Today.

The growth projection for the current fiscal is lower than 9.5 per cent estimated by Reserve Bank of India (RBI).

With fresh wave of Coronavirus pandemic hitting the country, several economists see growth being impacted in the January-March quarter.

“Real GDP or GDP at constant prices (2011-12) in the year 2021-22 is estimated at Rs 147.54 lakh crore, as against the Provisional Estimate of GDP for the year 2020-21 of Rs 135.13 lakh crore, released on 31st May 2021. The growth in real GDP during 2021-22 is estimated at 9.2 per cent as compared to the contraction of 7.3 per cent in 2020-21,” the NSO said in a press note.

“Real GVA (gross value added) at Basic Prices is estimated at Rs 135.22 lakh crore in 2021-22, as against Rs 124.53 lakh crore in 2020-21, showing a growth of 8.6 per cent,” it further said.

As per the estimate, agriculture sector is seen growing at 3.9 per cent in FY22 as compared to 3.6 per cent in the previous year. Manufacturing is expected to grow at 12.5 per cent as compared to a contraction of 7.2 per cent in FY21. Trade, hotels, transport, communication & services related to broadcasting are expected to grow at 11.9 per cent as against contraction of 18.2 per cent.

The nominal GDP or GDP at current prices in the year 2021-22 is estimated at Rs 232.15 lakh crore, as against the provisional estimate of GDP for the year 2020-21 of Rs 197.46 lakh crore.

“The growth in nominal GDP during 2021-22 is estimated at 17.6 per cent,” the NSO said.

Nominal GVA at basic prices is estimated at Rs 210.37 lakh crore in 2021-22, as against Rs 179.15 lakh crore in 2020-21, showing a growth of 17.4 per cent.

The First Advance Estimates of GDP numbers serve as key input for the Finance Ministry in preparing the Union budget for next fiscal.

The Second Advance Estimates of National Income for the year 2021-22 and quarterly GDP estimate for the quarter October-December, 2021 (Q3 2021-22) will be released on February 28.(UNI)