Japanese brokerage Nomura has revised its estimate for the current 2021-22 fiscal from the earlier 12.6 percent to 10.8 percent.
As per Moody’s Investors, India’s GDP growth forecast is placed at 9.3 percent instead of 13.7 percent as projected earlier.
Rating Agencies have cut its GDP growth estimate due to second wave of COVID pandemic, it reflects a larger lockdown led loss in the June quarter.
Further, the RBI estimates the economy to expand by 10.5 percent in F.Y. 22 because of base effect. The economy is officially assumed to have contracted by 7.6 percent in F.Y. 21 because of the hit following the national lockdown last year.
However, some analysts have warned that the growth may come down to as low as 8.2 percent if the second wave beaks in June.
Rs 8,923 Crore Granted to Rural Local Bodies