India’s Gross Domestic Price for the Financial Year 2021-22 is expected to grow approximately 10 per cent, said National Council of Applied Economic Research (NCAER). ‘This is due to the likelihood of fewer COVID-19 linked supply disruptions and rise in the global economy,’ said Poonam Gupta, Director General of NCAER, an economic think-tank. However, sustaining a growth rate of 7 to 8 per cent in the years to come would be the real challenge, she added.
India has fared well during the COVID-19 pandemic because of the fast pace of vaccination. Ensuring rapid and widespread vaccination is the best pro-growth policy as of now that any country can implement to recover their economy.
The reasons for the economic boost of India are due to the following reasons:-
(i) Fewer supply disruptions
(ii) Increased pent-up demand in the traditional and contact-intensive services
(iii) Rising global economy
GDP stands for GROSS DOMESTIC PRODUCT. GDP is the monetary value of all finished goods and services made within a country during a specific period. GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. GDP can be calculated in three ways, using expenditures, production, or incomes.