India Ratings and Research (Ind-Ra) has revised downwards the GDP growth forecast of India in FY22 (2021-22) to 10.1 per cent. Earlier Ind-Ra estimated this at 10.4 per cent. The downward revision is due to the second wave of COVID-19 infections and the slower pace of vaccination. For FY21 (2020-21), the economy is estimated to have contracted by 7.6 per cent. Ind-Ra is a wholly-owned subsidiary of the Fitch Group.