Home featured Credit: shubham dhiman Featured Featured India records GDP growth of 9.2 pct in 2021-22 Yajush Gupta January 5, 2023 India’s economy has shown strong signs of recovery after suffering a contraction of 7.3 per cent last year due to the COVID-19 pandemic. According to the Economic Survey for the current financial year, India’s economy grew by 9.2 per cent in 2021-22, indicating a return to pre-pandemic levels of economic activity. Principal Economic Advisor Sanjeev Sanyal commented on the positive growth and emphasised the importance of supporting the economy’s recovery. The key takeaway is that the Indian economy has shown strong signs of recovery after the COVID-19 pandemic and is approaching pre-pandemic levels of growth in almost every sector. The agriculture and allied services sector, which was among the least affected during the pandemic due to the higher concentration of COVID-19 cases in urban areas, have demonstrated robust recovery. S&P Global and Morgan Stanley predicted that India would likely become the world’s third-largest economy in the coming years, overtaking Japan and Germany. S&P’s forecast is based on the projection that India’s annual nominal Gross Domestic Product (GDP) growth will average 6.3 per cent through 2030. Similarly, Morgan Stanley estimates that India’s GDP will likely double current levels by 2031. These predictions suggest that India is expected to experience strong economic growth in the coming years, which could contribute to its rise in the global economic ranking. It is unclear from the information provided what specific factors or circumstances may