The Indian economy slowed in the January-March quarter of 2022 as the third wave of the Covid-19 pandemic disrupted activity again. GDP growth in Q4 FY22 was at 4.1% year-on-year, compared to a revised increase of 5.4% for Q3 FY22, according to data released by the government. Gross Value Added, which strips out the impact of subsidies and indirect taxes, grew 3.9% year-on-year in the fourth quarter.

The National Statistical Office (NSO) will release the data for India's Gross Domestic Product (GDP) growth in Q4 FY22 and the full financial year 2021-22 on Tuesday. According to reports, Asia's third-largest economy is expected to accelerate in the January-March quarter from a year earlier.

GDP growth stood at 20.3 per cent in the April-June quarter (Q1) of FY 2021-22 and 8.5 per cent in the July-September quarter (Q2). During the third quarter of 2021-22, economic growth slowed to 5.4 per cent. Still, it was higher than China's GDP expansion of 4 per cent during the same period, and the country retained its position as the world's fastest-growing major economy.

 The GDP had contracted by 7.3 per cent during 2020-21 because of the outbreak of Covid-19 and subsequent nationwide lockdown. The NSO has revised downward the actual GDP growth number for 2019-20 to 3.7 per cent as against the earlier estimate of 4 per cent.