In 2021-22, the Indian economy may grow at 8-11.5 percent at constant prices, and 11.5 percent with current prices, economists believe.
D K Srivastava, chief policy advisor, EY India, estimates Gross Domestic Product (GDP) growth at constant prices at 8 percent in 2021- 22, a Business Standard report said.
Also read: India’s GDP to contract by 7.7% in 2020-21, says government
Nominal GDP is projected to grow 11.5 percent in FY22, according to Srivastava.
ICRA Principal Economist Aditi Nayar has pegged real GDP growth at 9.5-10.5 percent and nominal GDP growth rate at 13.5-14.5 percent next fiscal year, Business Standard reported.
The government expects the economy to contract 7.7 percent in 2020-21, according to the first advance estimates of GDP released by the National Statistical Office.
Due to the harsh economic impact of the pandemic, India’s GDP plunged nearly 24 percent in Q1FY21 (April-June 2020), and declined 7.5 percent in the following quarter.
“The movement of various high-frequency indicators in recent months, points towards broad-based nature of resurgence of economic activity. The relatively more manageable pandemic situation in the country as compared to advanced nations has further added momentum to the economic recovery,” the government said in a statement on January 6.