No. PR – 263
June 1, 2022
New Delhi
GDP growth rate for FY 2021-22 at 8.7% inspiring despite challenges: PHD Chamber
The GDP growth rate for FY 2021-22 at 8.7% is inspiring despite the challenges, such as the impact of different variants of COVID-19 as well as the high commodity prices, faced by the economy during the year, said Mr Pradeep Multani, President, PHD Chamber of Commerce and Industry.
The GDP growth rate for Q4 FY 2022 stands at 4.1% as compared to 5.4% in Q3, 8.4% in Q2 and 20.1% in Q1 FY 2022, said Mr Pradeep Multani.
On the back of supportive policies of the Government, the economy has recovered from the severe contraction of FY 2020-21 and we look forward to the strong growth in the coming quarters, said Mr Pradeep Multani.
At this juncture, a continued handholding by the Government is required to mitigate the impact of recent geo-political developments while maintaining a balance between inflation and economic growth, said Mr Pradeep Multani.
The overall FY 2021-22 GDP growth rate stands at 8.7%, of which growth rate of Agriculture, forestry & fishing stands at 3.0%, Mining & quarrying at 11.5 %, Manufacturing at 9.9%, Electricity, gas, water supply & other utility services at 7.5%, Construction at 11.5%, Trade, hotels, transport, communication & services related to broadcasting at 11.1%, Financial, real estate & professional services at 4.2% and Public administration, defence & other services at 12.6%.
Gross fixed capital formation (GFCF), which reflects the capital expenditure in the country, has accelerated by 15.8% to Rs 47.8 lakh crore in FY 2021-22 as compared to Rs 41.3 lakh crore in FY 2020-21. Private final consumption expenditure (PFCE) has also increased by 7.9% to Rs 83.8 lakh crore in FY 2021-22 from Rs 77.6 lakh crore in FY 2020-21, while Government final consumption expenditure (GFCE) has increased by 2.6% to Rs 15.8 lakh crore in FY 2021-22 from Rs 15.4 lakh crore in FY 2020-21, said Mr Pradeep Multani.
At this juncture, the pace of economic activity is expected to remain strong on the back of various structural reforms undertaken by the Government during the last 2 years, said Mr. Pradeep Multani.
Warm Regards,
Media Division
PHD Chamber of Commerce and Industry