Rating Agencies downgrade India’s GDP forecasts for FY22

With the resurgence of COVID-19 circumstances posing dangers to financial restoration, the main brokerages have downgraded India’s GDP development projections for the present fiscal yr 2021-22. Current fiscal yr to as little as 10 per cent on native lockdowns threatening fragile restoration.

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Given beneath within the GDP development forecast by a number of score companies for FY22:

Agencies FY22 (revised estimate) FY22 (earlier 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 financial system is projected to have contracted by as much as 8 per cent. The low base of FY’21 was seen aiding a double-digit development price within the present fiscal earlier than moderating to 6.8 per cent in FY’23.

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