Correct option is C
Correct Answer: (C) 9.2%
Explanation:
As per the Union Budget 2022-23, the estimated GDP growth rate for the financial year 2021-22 was 9.2%, based on projections from the Economic Survey 2021-22. This figure reflects the recovery of the Indian economy post-pandemic.
Information Booster:
- GDP Growth Rate: It is the rate at which a country's GDP increases over a specific period.
- Economic Survey 2021-22: Projected a real GDP growth rate of 9.2% for 2021-22.
- Budget 2022-23: Projected a nominal GDP growth rate of 11.1% for 2022-23, considering inflation.
Additional information:
India's Economic Recovery: The 9.2% GDP growth rate for 2021-22 was primarily driven by strong recovery in manufacturing, construction, and services sectors, following the contraction of (-7.3%) in 2020-21 due to the COVID-19 pandemic.
Sectoral Growth: The agriculture sector showed resilience, while manufacturing and services rebounded significantly as restrictions eased.
Global Comparisons: India’s 9.2% growth rate made it one of the fastest-growing major economies in 2021-22, surpassing many developed and emerging economies.
Government Initiatives: Policies like the Atmanirbhar Bharat Abhiyan, Production-Linked Incentive (PLI) schemes, and increased capital expenditure played a crucial role in boosting economic growth.
Global Comparisons: India’s 9.2% growth rate made it one of the fastest-growing major economies in 2021-22, surpassing many developed and emerging economies.
Government Initiatives: Policies like the Atmanirbhar Bharat Abhiyan, Production-Linked Incentive (PLI) schemes, and increased capital expenditure played a crucial role in boosting economic growth.
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