As per the latest estimates of National Income released by National Statistical Office, Ministry of Statistics and Programme Implementation (MoSPI), real GDP is projected to grow by 9.1 per cent in 2021-22 (1st RE) and 7 per cent in 2022-23 (2nd AE). This was stated by the Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha.

The Minister further stated that the annual data, which provides a stable basis for assessment, shows that the growth momentum of the Indian economy continues after completing full recovery. The IMF and the World Bank projects India to be the fastest-growing major economy in 2023.

As per the latest data available on World Development Indicators, World Bank, India is the 5th largest economy in terms of GDP ranking of countries at Current US Dollar in 2021, the Minister stated.

Economic growth projection: India expected to sustain recovery and remain among fastest growing major economies. Official National Income estimates report strong real GDP expansion driven by a completed post pandemic recovery; the Ministry's revised annual figures form the basis for assessing sustained growth momentum and are corroborated by international forecasts identifying India among the fastest growing major economies and high in global GDP rankings.