Rating Agencies downgrade India's GDP forecasts for FY22

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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