The Indian economy remains on track to regain its position as the world's fastest-growing major economy after official estimates on Friday put the GDP expansion at a tempered 9.2 per cent this fiscal amid concerns over the impact of a resurgent virus on the fragile recovery.
The growth in the gross domestic product (GDP) of 9.2 per cent in April 2021 to March 2022 fiscal (FY 2021-22) given by the National Statistical Office (NSO) in its first advance estimate compares with 9.5 per cent expansion forecast by the Reserve Bank of India (RBI) last month. The economy had contracted by 7.3 per cent in the previous financial year.
With one quarter still left in the fiscal year, there has been a surge in daily COVID-19 cases in recent days driven by the Omicron variant, which is set to overtake Delta as the dominant strain. This has prompted fresh restrictions in several parts of the country, threatening the fragile economic recovery.