GDP growth rate: The fastest running Indian economy in the world, know which sectors are becoming engines of growth

New Delhi: The figures for the country’s GDP (India GDP Growth Rate) for the last financial year have come. The economic growth rate in the fourth quarter of the financial year 2021-22 was 4.1 percent, which is the lowest in four quarters. Due to the third wave of the Corona epidemic, supply challenges and the Russia-Ukraine war, the rapid rise in commodity and crude prices affected GDP growth. Despite this, the country’s GDP grew at the rate of 8.7 percent in the financial year 2021-22. This is the highest in 22 years. With this, India became the fastest growing economy in the world in the financial year 2021-22.

The country’s economy grew at 20.1 per cent, 8.4 per cent and 5.4 per cent, respectively, in the first three quarters of the financial year 2021-22. However, the government had projected the GDP growth rate to be 8.9 percent during the last financial year. In the financial year 2020-21, a decline of 6.6 percent was recorded in the growth rate. According to the back series, the GDP growth rate in FY 2022 is the highest since the year 2000. Then it had gained 8.8 per cent. This is also the highest in the current series in 17 years.

agriculture growth rate down

The National Statistical Office (NSO) released the GDP figures on Tuesday. According to the NSO, the real GDP in the financial year 2021-22 stood at Rs 147.36 lakh crore as against Rs 135.58 lakh crore a year ago. Compared to India, China’s economy grew by 4.8 percent in the January-March 2022 quarter. Gross Value Added (GVA) grew at the rate of 8.1 percent in the financial year 2021-22. In the previous year 2020-21, GVA had decreased by 4.8 per cent.

Manufacturing Sector GVA growth in the manufacturing sector stood at 9.9 per cent as against a decline of 0.6 per cent a year ago. On the other hand, GVA in both mining and construction sectors grew at the rate of 11.5 per cent. Both these sectors had declined a year ago. However, the growth rate of the agriculture sector, which is associated with the country’s large population, has come down to three percent in the year 2021-22 from 3.3 percent a year ago.