India's GDP to grow 9% in FY22 and FY23: ICRA
The Hindu
‘Net loss to economy from pandemic estimated at ₹39.3 trillion during 2021-23’
The Indian economy is expected to maintain real GDP growth of 9% both in FY22 and in FY23, amid the uncertainty triggered by the Omicron variant of the Covid-19-causing virus, ICRA said in a report.
It said that available data for the third quarter of the current fiscal did not offer convincing evidence that the Reserve Bank Monetary Policy Committee’s criteria of durable and sustainable growth recovery had been met, to confirm a change in the policy stance to ‘neutral’ when the panel meets next in February 2022.
“The data for October-November 2021 does not point to a broad-basing of the growth recovery in India,” said Aditi Nayar, chief economist, ICRA Ltd. “After the higher-than-expected net cash outgo sought under the second supplementary demand for grants, the pace of actual government spending is likely to determine whether the pace of GDP growth meaningfully exceeds 6.0-6.5% in Q3 FY22,” she added.
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