Guwahati: The GDP of India is expected to rise by 8.7 percent in FY22, after falling to 4.1 percent in the January-March quarter (Q4FY22), according to figures issued by the Ministry of Statistics and Programme Implementation.

Growth will most likely decelerate in the first quarter of the calendar year 2022 as a result of the Omicron variant-led third COVID-19 wave and the Russia-Ukraine war.

The strong growth rate is partly owing to a favourable base effect, with the economy contracting by 6.6 percent in FY21 due to the Coronavirus epidemic and occasional lockdowns that limited economic activity.

When the GDP for FY22 is compared to that of FY20, before the epidemic, the growth rate is only 1.5 percent. The statistics ministry's newest growth projection for FY22 is 20 basis points lower than its February second advance estimate of 8.9 percent.

In FY22, nominal GDP increased by 19.5 percent.

India's actual growth rate for FY22 is 8.7 percent, the highest in at least 17 years. However, the January-March growth rate of 4.1 percent is the lowest in four quarters.

The manufacturing sector performed well in FY22, gaining 9.9 percent. However, according to the most recent statistics for January-March, the sector fell by 0.2 percent year on year, most likely reflecting the impact of the third wave and the consequences of the Russia-Ukraine war.

Meanwhile, the agriculture sector maintained its steady development, expanding by 3.0 percent in FY22 and 4.1 percent in the fourth quarter. During 2021-22, the electricity, gas, water supply, and other utility services category expanded by 7.5%. The section had shrunk by 3.6% in the preceding fiscal year.

Growth in the services sector (trade, hotel, transportation, communication, and broadcasting services) was 11.1 percent in 2021-22, compared to a decline of 20.2 percent the previous year.

Financial, real estate, and professional services expanded by 4.2 percent year on year, up from 2.2 percent the previous year.

Public administration, defence, and other services grew by 12.6%, compared to (-)5.5% in 2020-21. "Real GDP at Constant (2011-12) Prices is expected to reach Rs 147.36 lakh crore in 2021-22, up from Rs 135.58 lakh crore in 2020-21, according to the First Revised Estimate."

"GDP growth in 2021-22 is anticipated at 8.7 percent, compared to a decrease of 6.6 percent in 2020-21," according to the National Statistical Office (NSO).

Furthermore, nominal GDP or GDP at Current Prices was expected to be Rs 236.65 lakh crore in 2021-22, up from Rs 198.01 lakh crore in 2020-21, representing a 19.5% increase. According to NSO statistics, per capita income (based on net national income) in 2021-22 was Rs 1.5 lakh per annum at current prices, up from Rs 1,26,855 in 2020-21, representing an 18.3 percent increase.

However, at constant prices, per capita, annual income is Rs 91,481, a 7.5% increase from Rs 85,110 in FY21.

In 2021-22, gross fixed capital creation is expected to be Rs 47.84 lakh crore, up from Rs 41.31 lakh crore the previous year.