INSUBCONTINENT EXCLUSIVE:
As per the government estimates, India could grow at 9.2 per cent in FY22.New Delhi: Global forecasting firm Oxford Economics on Tuesday
revised India's GDP (gross domestic product) growth forecast to 7.9 per cent from earlier 7.8 per cent for the current financial year
2021-22 (FY22), citing more durable recovery and higher Covid-19 vaccination rates.Oxford Economics said, "We expect far less economic
damage from the current outbreak compared to the first two waves of infections as the economy has adjusted to being more resilient to
Covid-related disruptions.""The sharp increase in India's Covid-19 cases has caused us to become more cautious about the Q1 (first
We also look for a more durable recovery from Q2 (second quarter) onwards, when we expect more than 80 per cent of the population will be
contraction of 7.3 per cent in the previous year
The number is slightly lower than the 9.5 per cent growth estimated by the Reserve Bank of India (RBI).The International Monetary Fund (IMF)
and S-P also expected India to grow at 9.5 per cent
Moody's Investors Service put India's growth forecast at 9.3 per cent, and Fitch Ratings projected an 8.7 per cent expansion.Many
private economists have trimmed their growth forecasts for the current fiscal year amid a surge in Covid Omicron cases which could hurt
consumer sentiment and economic activity.
