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Below is perspective on first advance estimate of GDP for FY 2022 By Mr. Vivek Rathi, Director â€‘ Research, Knight Frank India

“Coming out from severe second wave, Indian economy has shown a remarkable progress. Several high frequency indicators have reached pre-COVID levels. Even the contact intensive and mobility dependent sectors like hospitality, aviation and tourism bounced back sharply from the second wave. Third wave and Omicron variant across the world has increased caution but policy and business response this time is expected to be nuanced, and we are not seeing knee-jerk reactions like those of the initial two pandemic waves.

Mainly led by strong Investment activity and followed by consumption growth, FY22 GDP advance estimate has arrived at 9.2 %. This is a tad lower that earlier government estimate but still among the fastest globally. With improved pandemic awareness and technology led preparation, business and consumer confidence is high and government response on pandemic is graded and more localized now. Hence, we hope to have a softer landing from the third wave and continue economic momentum without severe disruptions.”

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