Official figures released on Tuesday revealed that India’s economy, or GDP, increased by 4.1 percent in the fourth quarter of 2021-22, bringing the annual growth rate to 8.7%. GDP increased by 8.7% in 2021-22, compared to a 6.6 percent contraction in 2020-21, according to the figures.
However, growth was slower in January-March than in the preceding October-December quarter of 2021-22, when it was 5.4%.
According to figures issued by the National Statistical Office, the gross domestic product (GDP) increased by 2.5 percent in the January-March period of 2020-21. (NSO).
In its second advance estimate, the NSO forecasted 8.9% growth in GDP for 2021-22. In the first three months of 2022, China’s economy grew at a rate of 4.8 percent.
The Reserve Bank of India (RBI) announced its first interest rate hike in nearly four years earlier this month, indicating that rising global commodity prices have alarmed officials.
Since Russia’s invasion of Ukraine in February, India has lost more than 80% of its crude oil, and the cost of fulfilling domestic fuel consumption has risen dramatically. India is also the world’s largest importer of edible oils, with prices reaching all-time highs since the war broke out.
The government of Prime Minister Narendra Modi proposed tax reductions earlier this month to help offset rising food and petrol prices.
According to the Reserve Bank of India, consumer inflation reached 6.95 percent in March, lowering its own yearly growth prediction to 7.2 percent.
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