Nominal GDP to grow at 19% in FY22: Govt

India’s economy is likely to rebound 19% in the next fiscal without adjusting for inflation after recording what economists estimate will be the deepest contraction in the country’s history in the prior year, according to the finance ministry’s estimates.

It is a bit more modest than some optimistic estimates that the Fifteenth Finance Commission has received from experts, the Commission’s chairman, NK Singh, said in an interview, citing a presentation made by the finance ministry’s chief economic adviser, Krishnamurthy Subramanian.

“We had to make projections about the rebound from a very low base year. The chief economic adviser said in a presentation that it could go as high as 19%, while some even said it could be 21% as an extreme case, and others said it could be more modest,” said Singh.