Brickworks Ratings has revised downwards India’s GDP growth forecast to 8.3 per cent in the current fiscal 2021-22 (FY22). Earlier in January 2022, the rating agency had estimated this between 8.5-9 per cent. Brickwork Ratings is one of the seven Sebi-registered credit rating agencies (CRA).
The latest growth indicators suggest a loss of economic momentum in recent months. The rapid spread of Covid in January 2022 led to renewed restrictions on economic activities, dampening the revival process, particularly in contact-intensive sectors.