The Indian economy expanded at its fastest pace in nearly 22 years in 2021-22, but growth slowed to a four quarter-low in January-March due to the impact of the restrictions imposed against the backdrop of the Omicron variant.
The economy grew by 8.7% in 2021-22 while growth in the January-March quarter slowed to 4.1%. To put the numbers in context, the 8.7% expansion comes against the backdrop of a very low base as the economy contracted by 6.6% in the previous period due to the impact of one of the strictest lockdowns in the world to prevent the spread of the Covid-19 pandemic.
The NSO had earlier estimated growth to be 8.9%. The 8.7% growth is the highest since 8.8% in fiscal year 2000 considering the back series data, and is also the highest in 17 years under the current series which has data for 17 years. The latest numbers for 2021-22 makes India one of the fastest-growing major economies in the world.