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Rating Agencies downgrade India’s GDP forecasts for FY22

Rating Agencies downgrade India's GDP forecasts for FY22_50.1

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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