India's GDP expected to grow by 11.5% in FY22

India's real gross domestic product GDP is expected to grow by 11.5 percent in FY22, making it one of the world's fastest growing economies in the aftermath of the COVID-19 pandemic, said the Economic Survey 2020-21 tabled in Parliament on January 29.

For FY21, the economy is expected to contract by 7.7 percent, the survey said. This is in-line with the estimates of the Reserve Bank of India (7.5 percent contraction), and the National Statistical Office (7.7 percent contraction).

"Real growth rate for FY21 is taken as -7.7 per cent (MoSPI) and real growth rate for FY22 is assumed as 11.5 per cent based on the IMF estimates," the survey said.

"Despite the hard-hitting economic shock created by the global pandemic, India is witnessing a V-shaped recovery with a stable macroeconomic situation aided by a stable currency, comfortable current account, burgeoning forex reserves, and encouraging signs in the manufacturing sector output," said the survey.