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Indicating that Indian economy remains on track to regain its position as the world's fastest-growing major economy, the National Statistical Office (NSO) in its first advance estimate has stated that the gross domestic product (GDP) to grow at 9.2 per cent in April 2021 to March 2022 fiscal (FY 2021-22) amid concerns over the impact of a resurgent virus on the fragile recovery. The economy had contracted by 7.3 per cent in the previous financial year.

With 9.2 per cent growth in 2021-22 fiscal, the economy will surpass the pre-COVID level in actual terms, mainly on account of improved performance by farm, mining and manufacturing sectors. As per the report, Real GDP or GDP (gross domestic product) at Constant Prices (2011-12) in the year 2021-22 is estimated at Rs 147.54 lakh crore, as against the Provisional Estimate of GDP for the year 2020-21 of Rs 135.13 lakh crore, released on May 31, 2021.

As per NSO estimates, GDP in actual terms in 2021-22 will surpass the pre-COVID level of Rs 145.69 lakh crore in 2019-20. The pandemic hit the country in March 2020, resulting in a nationwide lockdown from March 25, 2020, which severely dented the economic growth in the 2020-21 fiscal. In the current fiscal, the manufacturing sector is likely to see a growth of 12.5 per cent against a contraction of 7.2 per cent a year ago.

The NSO estimates significant growth in 'mining and quarrying' (14.3 per cent), and 'trade, hotels, transport, communication and services related to broadcasting' (11.9 per cent). The agriculture sector is estimated to see a growth of 3.9 per cent in FY2021-22, higher than the 3.6 per cent expansion recorded in the previous financial year.