Latest Economic Statistics for TNPSC 2022

With just days to go for the TNPSC Group 2 Exam 2022 Prelims on 21st May 2022, it’s necessary to be updated on the latest statistics. It is especially true for Economy. We bring to you the Latest Economic Statistics for TNPSC to help make your preparation easier.

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Latest Economic Statistics for TNPSC 2022 | Highlights

GDP:  

• GDP growth in 2019-20, prior to the COVID-19 pandemic, was 4%
• India’s Gross Domestic Product (GDP) contracted by 7.3% by 2020-21
• India’s GDP growth is expected at 7.5% in 2022 and 8.0% in 2023

Inflation:

India’s inflation rates are forecasted at 5.8% in 2022 and 5.0% in 2023

CPI:

The Consumer Price Index increased 8.5 percent for the year ended March 2022

WPI:

The rate of inflation based on the WPI Food Index increased to 8.71% in March 2022

Unemployment:

Unemployment in India rose to 7.83 percent in April 2022

Balance of Trade:

India’s trade deficit rose 87.5 percent to USD 192.41 billion in 2021-22 as against USD 102.63 billion in the previous year.

Manufacturing Activity

• The manufacturing sector saw an increase of 210 percent, compared with the previous financial year 2020-21, according to a report by Goldman Sachs.
• The manufacturing sector saw a jump of 460 percent in 2021-22 as against 2019-20.
• New investment announcements by the private sector saw a 145-150 percent rise in 2021-22 in comparison to the previous financial year (FY).
• The increase was aided by megaproject announcements, especially, in the steel sector.
• The number of projects announced also surged by 80 percent and 140 percent in FY22 as compared with FY21 and FY20, respectively.
• The growth was contributed by both traditional sectors like petrochemicals, steel, cement, and automobiles, and new-age sectors like electronics, e-vehicles, and data centers.

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