India’s GDP growth Expands 8.7% in FY22

Current Context: During the period of January-March period of 2021-22, India’s economy grew 4.1% even though the rate of growth slowed with the Omicron wave-induced restrictions, but still it leads to creating a space for growth expansion of 8.7% in FY22.

• According to the National Statistics Office clipped down the overall growth estimate for FY22 to 8.7% from 8.8% in February.
• As per the report, growth in private final consumption expenditure decreased to 1.8%, and government spending increases to 4.8%. Gross fixed capital formation slowed to 5.1%.
• Besides manufacturing sector contracted 0.2% in the March quarter due to supply chain disruptions, Whereas agriculture growth of 4.1% remained healthy despite the decline in wheat output due to the ongoing heatwave.
• In addition to that Gross value added (GVA) at basic prices grew at 3.9% in the fourth quarter and 8.1% in FY22.
• Nominal GDP is estimated to grow 19.5% in FY22 to Rs 236.4 trillion.

Question:

Q.1 According to National Statistics Office, the overall growth estimate for FY22 is ______?
a. 8.8%
b. 8.7%
c. 7.5%
d. 6.2%