According to a Bank of Baroda statement, India's economy is expected to have grown at 9.2% in the fiscal year ended March 2022, after contracting by 7.3 percent the previous year, owing to resilience in the rural sector, an increase in bank credit, and increased GST collections.

The gross domestic product (GDP) is projected to accelerate by 8.9% in FY22, according to government forecasts. The final GDP growth estimates for FY22 will be released on May 31 by the National Statistical Office (NSO).

In a note on GDP estimates, the Bank of Baroda (BoB) said it expects the economy to develop faster in the fourth quarter ending March as mobility improves, allowing the market to open up with considerably lesser COVID-19 cases across states. Contact-intensive industries are likely to recover faster, with the economy growing at 5.5 percent in Q4 FY22, compared to 5.4 percent in Q3. The services industry will see a much-needed boost, with travel and hotels playing a big role. Construction costs are also expected to rise.

According to the research report, agriculture growth may be a little slower than expected due to decreased wheat crop yields, conflict between Russia and Ukraine, and heat wave conditions.

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