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Rating Agencies downgrade India’s GDP forecasts for FY22

Sumit Arora Published On April 19th, 2021 Leave a comment

With the resurgence of COVID-19 cases posing risks to economic recovery, the leading brokerages have downgraded India’s GDP growth projections for the current fiscal year 2021-22. Current fiscal year to as low as 10 per cent on local lockdowns threatening fragile recovery.

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Given below in the GDP growth forecast by several rating agencies for FY22:

Agencies	FY22 (revised estimate)	FY22 (previous estimate)
Nomura	12.6%	13.5%
JP Morgan	11%	13%
UBS	10%	11.5%
Citi Research	12%	12.5%

In the Covid-ravaged 2020-21 fiscal (April 2020 to March 2021), the economy is projected to have contracted by up to 8 per cent. The low base of FY’21 was seen aiding a double-digit growth rate in the current fiscal before moderating to 6.8 per cent in FY’23.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.