Government lowers FY22 GDP growth estimate to 8.7% as growth slides to 4.1% in Q4

India's GDP is estimated to have grown by 8.7 percent in FY22 after growth slid to 4.1 percent in January-March quarter (Q4FY22), data released on May 31 by the Ministry of Statistics and Programme Implementation showed.

Growth likely slowed down in the first quarter of the calendar year 2022 because of the hit to activity from the Omicron variant-led third COVID-19 wave and the Russia-Ukraine war. If the GDP for FY22 is compared to that of FY20 - before the pandemic hit the economy - the growth rate is a mere 1.5 percent.