New Delhi: The rapid spread of the Omicron variant has encouraged economists to reduce the projected growth of GDP and clutch agents now estimating growth for the current fiscal year is below the previous two-digit expansion estimate.
“Improvements in various forms have begun in several states, which affect economic activities,” said Sunil Sinha, the main economist and public finance director in India ranking and research.
“Ind-RA estimates indicate that GDP growth in Q4FY22 will now enter 5.7% YoY, which is 40 basis points lower than the previous agency estimate of 6.1%.
For all FY22, GDP is expected to record growth rate 9, 3% YoY, 10bps lower than our previous estimate of 9.4%.
“Brickworks rating also lowered the estimated GDP growth for 2021-22.
“For full fiscal, we revised our estimates of GDP for fiscalism today to 8.5-9% because of the previous estimate of 10%,” said M Govinda Rao, head of economic advisory in brick rank.
Economists reduce GDP growth estimates
