India Q4 GDP LIVE | Sequential growth low due to Omicron wave in January, says CEA

India Q4 GDP LIVE | Sequential growth low due to Omicron wave in January, says CEA

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May 31, 2022 / 06:50 PM IST



India Q4 GDP Growth LIVE Updates | Despite the sequential decline in Q4 growth, Chief Economic Adviser V Anantha Nageswaran said he does not see a prospect of recession in India in FY23. There is considerable momentum in economic activity as witnessed by GST numbers in April, the CEA noted.





India Q4 GDP LIVE | The country's gross domestic product is estimated to have grown by 8.7 percent in FY22 after growth slid to 4.1 percent in the January-March quarter, as per the data released on May 31 by the Ministry of Statistics and Programme Implementation.

Growth likely slowed down in the first quarter of 2022 because of the hit to activity from the Omicron variant-led

third COVID-19 wave and the Russia-Ukraine war.

The high growth figure, for FY22, is largely due to a favourable base effect, with the economy having contracted by 6.6 percent in FY21 because of the coronavirus pandemic and intermittent lockdowns, which restricted economic activity.

The economy's near-term prospects have been darkened by a spike in retail inflation, which hit an eight-year high of 7.8% in April. The surge in energy and commodity prices following the Ukraine