The rating agency India Ratings and Research (Ind-Ra) has downgraded the GDP of India for the current fiscal FY 2021-2022. Ind-Ra expects the GDP to clock a growth rate of 9.3% y-o-y in FY22. Earlier this estimate was 9.4%. Meanwhile, Brickworks Ratings has also revised India’s GDP growth forecast for the current fiscal (FY22) to 8.5-9%. Earlier this was estimated at 10%. The rapid spread of the Omicron variant is the main driver to downgrade GDP growth projections.