India Ratings and Research (Ind-Ra) has projected the real gross domestic product (GDP) growth rate of the Indian economy to grow at 7.6 per cent year-on-year in 2022-23 (FY23). Ind-Ra is a wholly-owned subsidiary of the Fitch Group. The economic recovery was encouraging, he said, and restrictions put in place by many states to contain the current wave of Covid-19 were not as severe as the second wave. Nonetheless, there are risks to the ongoing recovery, the rating agency warned.
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It pointed to the latest FY22 GDP advance estimates, which show that private final consumption expenditure (PFCE) — the largest component of GDP (58.6 per cent) from the demand side and a proxy for consumption demand — is projected to grow only 6.9 per cent YoY in the current year, despite a low base and sales data of many consumer durables showing robust growth.
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