India’s economy slowed down, GDP fell to 4.1% in March quarter, 8.7% growth in a year

Business

oi-Mukesh Pandey

New Delhi, 31 May. India’s GDP growth slowed down in the January-March quarter. The GDP growth rate was recorded at 4.1 percent in the March quarter, while the GDP growth rate for the year was 8.7 percent. This is being seen as a negative improvement in the Indian economy.

GDP grew by 4.1 percent in the March quarter. Whereas India registered a growth rate of 8.7 percent during the last financial year 2021-22. Economic growth for the financial year 2021-22 is an improvement on the negative growth of 6.6 per cent. This GDP rate was recorded in 2020-21. While the growth of 4.1 percent in the March quarter of the financial year 2021-22 is also better. This is .6 percent higher than the March quarter of the financial year 2020-21.

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The Central Government has released GDP (GDP Growth Rate) figures for the last financial year (2021-22. India’s GDP growth was 8.7 percent in the financial year 2021-22. In the fourth quarter, the growth rate was recorded at 4.1 percent due to economic constraints. According to the data released on Tuesday by the Ministry of Statistics, Government of India, this rate was 5.4 percent in the third quarter. Earlier, GDP growth was 8.5 percent in the second quarter of the financial year and 20.3 percent in the first quarter, while the fourth quarter GDP growth fell to 4.1.

GDP growth lower than expected
The country’s GDP growth rate was 8.7% in the financial year 2021-22. Whereas the government’s estimate was of 8.9 percent growth rate. An increase in Omicron’s cases in January forced some restrictions related to the corona pandemic to be reimposed. At the same time, the war in Ukraine in February added to its crisis.

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Fiscal deficit lower than expected
The fiscal deficit stood at 6.71 per cent of the gross domestic product (GDP) in the financial year 2021-22. According to the financial data released on Tuesday, the government had earlier forecast it to be 6.8 per cent, but later it was increased to 6.9 per cent. According to the data of the Controller General of Accounts (CGA), the fiscal deficit for the financial year 2021-22 stood at Rs 15,86,537 crore.