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.
Given below in the GDP growth forecast by several rating agencies for FY22:
|Agencies||FY22 (revised estimate)||FY22 (previous estimate)|
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.