GDP growth to accelerate further to 9.8 pc in FY23: Goldman Sachs | Growth rate may be 9.8% next year, Goldman Sachs forecast 8.5% growth in the current financial year

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Growth rate may be 9.8% next year, Goldman Sachs forecast 8.5% growth in the current financial year

Highlights

  • There was a decline of 7.3 percent in the country’s growth rate in 2020-21.
  • US brokerage company said that the government’s capital spending will continue
  • The report said that the growth rate will be better in the next financial year.

Mumbai. The country’s Gross Domestic Product (GDP) growth rate will be 8.5 percent in the current financial year 2021-22 and will further increase to 9.8 percent in the next financial year 2022-23. Foreign brokerage company Goldman Sachs has made this estimate. In the last financial year 2020-21, the country’s growth rate declined by 7.3 percent. Due to weak comparative base, the growth rate is expected to remain high in the current financial year.

A Goldman Sachs report released on Tuesday said that consumption will be the major contributor to growth next year. “At that time, the economy will open up completely with significant progress in vaccination.” The US brokerage company said the government’s capital spending would continue. The report said that the growth rate will be better in the next financial year. Very few analysts have predicted the growth rate to be even better after the weak comparative base effect ends.

Earlier in the day, UK-based brokerage Barclay had said that the growth rate in the current fiscal will be 10 per cent, while in the next fiscal it will fall to 7.8 per cent.

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