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Government data shows Indian economy to grow 9.2%

India’s PM Modi speaks to vaccine manufacturers in 2020. The economy to grow despite threats from COVID-19.

New Delhi, India | Xinhua |  Indian economy is estimated to grow at 9.2 percent in the current financial year 2021-22, compared to a contraction of 7.3 percent in the previous year, government data showed on Friday.

The increase is attributed mainly to the better performance of the agricultural and manufacturing sectors, said the latest data.

“Real Gross Value added (GVA) at Basic Prices is estimated at INR 135.22 lakh crore (1.81 trillion U.S. dollars) in 2021-22, as against INR 124.53 lakh crore (1.67 trillion dollars) in 2020-21, showing a growth of 8.6 percent,” according to the data released by the federal ministry of statistics and program implementation.

In the current fiscal year, the manufacturing sector is likely to grow 12.5 percent, compared to a contraction of 7.2 percent a year ago. T

The government estimates a significant growth in mining and quarrying at 14.3 percent, and trade, hotels, transport, communication and services related to broadcasting at 11.9 percent.

The agricultural sector is expected to rise 3.9 percent in the current fiscal year, higher than the 3.6 percent growth recorded in the previous year.

The growth in nominal gross domestic product during 2021-22 is estimated at 17.6 percent, the government data showed.

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