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REALITY CHECK: ON GOVT. PROJECTING SLOWER GDP GROWTH

Why in news?

  • The National Statistical Office (NSO) has estimated that Gross Domestic Product (GDP) will expand by 5% in the 12­month period, in line with the Reserve Bank of India’s sharp downward revision last month in its full­ year growth forecast  from 6.1% projected earlier, to 5%.

GDP growth estimates

  • Pace of growth slumped to a six and ­a­ half year low of 4.5% in the second quarter, thus dragging the first half’s expansion to 4.8%.
  • NSO’s estimates also paint a picture of a distinct uptick in the final six months of the current fiscal in a key sector.
  • Full ­year growth in Gross Fixed Capital Formation is estimated at just about 1% compared with 10% in the last fiscal year.
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June 2022
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