HDFC projects India's real GDP growth for 2021-22 at 9.4%

HDFC has projected India’s real GDP growth for 2021-22 at 9.4 per cent. Growth in the next fiscal is projected to decline to 7.5 per cent. India’s GDP is likely to have expanded by 7.8 per cent on a year-on-year basis during the September 2021 quarter, it stated. On a sequential basis, GDP is expected to grow by 9.8 per cent in the second quarter from a contraction of 16.9 per cent in the previous quarter, reflecting a revival in economic activity. On a gross value added (GVA) basis, the September 2021 quarter GDP growth is projected at 7.3 per cent. According to HDFC, the gap between GDP and GVA is likely to be driven by higher tax revenue collection and lower subsidy pay-outs in this quarter.