ICRA estimates India’s FY 2022 (April 2021-March 2022) growth is likely to be at 8.5pc. The rating agency, however, states a successful inoculation drive after a centralised policy could increase it to 9.5pc. Earlier this month, Reserve bank of India had revised GDP rate to 9.5pc.
ICRA believes a steep increase can be witnessed in the last two quarters of the year. Estimations for gross value added (GVA) at basic prices (kept constant at 2011-12) to grow by 7.3pc. The prediction has also taken into consideration higher than budgeted subsidies for food grains.
In the last fiscal year, India’s GDP had contracted by 7.30pc.