New Delhi: Braving all odds caused by Covid-19 pandemic with resilience, India’s real gross domestic product (GDP) at Constant Prices (2011-12) has been estimated to be of Rs 147.72 lakh crore as against as against the first revised estimate of GDP for the year 2020-21 of Rs 135.58 lakh crore released on January 31 this year. The growth in GDP during 2021-22 is estimated to be 8.9 per cent as compared to a contraction of 6.6 per cent in 2020-21.
“Real GDP at Constant (2011-12) Prices in the year 2021-22 is estimated to attain a level of Rs 147.72 lakh crore as against the First Revised Estimate of GDP for the year 2020-21 of Rs 135.58 lakh crore released on 31.01.2022. The growth in GDP during 2021-22 is estimated at 8.9 per cent as compared to a contraction of 6.6 per cent in 2020-21,” said the Union Ministry of Statistics and Programme Implementation in a statement.
According to the Ministry, nominal GDP or GDP at Current Prices in the year 2021-22 is estimated to attain the level of Rs 236.44 lakh crore as against Rs 198.01 lakh crore in 2020-21, showing a growth rate of 19.4 per cent. GDP at Constant (2011-12) Prices in Q 3 of 2021-22 is estimated at Rs 38.22 lakh crore as against Rs 36.26 lakh crore in Q 3 of 2020-21, showing a growth of 5.4 per cent.
The National Statistical Office (NSO) of the Ministry of Statistics and Programme Implementation recently released the Second Advance Estimates (SAE) of National Income, 2021-22 as well as Quarterly Estimates of GDP for the quarter October-December (Q 3), 2021-22 along with the corresponding quarterly estimates of expenditure components of GDP both at Constant (2011-12) and Current Prices, in accordance with the release calendar of National Accounts.
The Advance Estimates of National Income are compiled using the benchmark-indicator method, that is, the estimates available for the previous year referred to as the benchmark year (2020-21 in this case) are extrapolated using the relevant indicators reflecting the performance of sectors. The First Advance Estimates (FAE) for 2021-22, based on very limited data and by using Provisional Estimates of 2020-21 (released on 31.05.2021) for the benchmark year, were earlier released on January 7, 2022. The next release of quarterly GDP estimates for the quarter January-March, 2022 (Q 4 of 2021-22) and Provisional Annual Estimates for 2021-22 will be on 31.05.2022. /BI/
