Text "GDP" on wood cube lay on gold coins stack, economic data concept
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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