ICRA cuts its FY22 GDP estimate by 0.5%, sees economy expanding by 10.5%
The Hindu
The recent surge in COVID-19 cases has resulted in a dip in consumer confidence and reignited uncertainty regarding the near-term outlook, it said.
Domestic rating agency ICRA on Tuesday cut its 2021-22 growth estimate by 0.5% on the upper end, as a newer spate of lockdowns and restrictions get imposed in pockets to arrest the rising COVID-19 cases. The agency now expects the economy to grow 10-10.5% in 2021-22, against the 10-11% estimated earlier. Starting with Maharashtra, a slew of other pockets in the country like Delhi have been taking to localised lockdowns to arrest the climbing COVID-19 cases, which derails economic activity.
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