ICRA revises FY22 GDP growth forecast to 9%

Ratings agency ICRA on Monday revised up its 2021-22 real GDP growth estimate for India to 9 per cent from the earlier 8.5 per cent. A ramp-up in Covid-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending were the factors which led to the revision, the agency said in a statement. It can be noted that after the 7.3 per cent contraction in 2020-21, there were expectations of a higher growth number in 2021-22. However, the second wave of Covid-19 early into the fiscal year made analysts more circumspect. The RBI expects the economy to grow at 9.5 per cent.