The central government has presented the country's GDP figures for the fourth quarter ended Tuesday, March 31. These figures are going to present the latest condition of the economy. According to this, the country's GDP grew at the rate of 8.7 percent in the financial year 2021-22. Before this, in the year 2020-21, the economy had registered a decline of 6.6 percent.
GDP growth slows in the fourth quarter
If we look at the government data, the pace of GDP in the fourth quarter ended March 31 has been 4.1 percent. Earlier, during the October-December quarter, the economic growth rate was 5.4 percent. It was estimated that GDP may remain sluggish in the March quarter due to the increase in Corona cases and the prolongation of the Russo-Ukraine war. The impact of both these factors has been seen in the GDP figures for the fourth quarter. If we look at the data of the National Statistical Office (NSO), the growth rate in the January-March 2021 quarter was 2.5 percent.
Fiscal deficit below revised target
According to the data released by the government, the fiscal deficit stood at 6.71 percent of GDP in 2021-22 against the revised budget estimate of 6.9 percent. It is reducing it by 20 basis points (bps) from the revised target. Significantly, according to the budget, the fiscal deficit was revised to Rs 15.91 lakh crore. Looking at the latest figures, the deficit is Rs 4,552 crore less than the actual fiscal deficit of Rs 15.87 lakh crore.
Basic industries output up 8.4%
The output of eight basic sector industries has registered an increase in April. It has grown by 8.4 percent in the same period a year ago. According to government data, output from eight infrastructure sectors such as coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and power had grown by 4.9 percent in March 2022. At the same time, crude oil production declined by 0.9 percent in April, compared to a decline of 2.1 percent in the same month a year ago.
The government missed the target of disinvestment
Meanwhile, let us tell you that in the last financial year, the government missed the target of disinvestment. Proceeds from disinvestment and various asset sales stood at just Rs 14,000 crore against a lofty budget target of Rs 78,000 crore. This is mainly because of the delay in the launch and listing of the country's largest LIC IPO in history to date.
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