Reserve Bank of India (RBI) Governor Shaktikanta Das-led Monetary Policy Committee has retained the real gross domestic product (GDP) forecast for the current fiscal year 2021-22 at 9.5 per cent, projecting a growth of 7.9 per cent in July-September Put it. financial quarter.
GDP grew by 20.1 per cent in the first quarter (April-June) of the current fiscal, mainly because of a lower base effect, as the economy contracted a record 24.4 per cent in the year-ago period when the first COVID-19 outbreak was reported. -19 was a pandemic. hit the country
According to the central bank, the level of real GDP in the June quarter was 9.2 percent below its pre-pandemic level two years ago. On the demand side, almost all components of GDP posted strong year-on-year growth. On the supply side, real gross value added (GVA) grew by 18.8 per cent year-on-year during the June quarter.
The RBI governor said economic activity picked up in August-September, driven by a low rate of new COVID-19 cases, easing of restrictions and a sharp increase in the pace of vaccinations.