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GDP likely to grow at 10-10.5 percent in FY2022: Report | Economic growth rate will be 10 to 10.5 percent in the current financial year: Report

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Economic growth rate will be 10 to 10.5 percent in the current financial year: Report

MUMBAI: Domestic rating agency Brickwork Ratings on Monday revised its forecast for the country’s gross domestic product (GDP) growth to 10-10.5 per cent for the current financial year 2021-22. Earlier the rating agency had projected a growth of nine per cent. The agency said several indicators of economic growth are pointing to a faster-than-expected recovery in economic activity. “We are revising our GDP growth forecast for FY 2021-22 to 10-10.5 per cent from the earlier nine per cent,” the credit rating agency said in a report released on Monday.

The agency has projected GDP growth for the second quarter of FY 2021-22 at 8.3 per cent (on an annual basis) based on a contraction of 7.4 per cent in the first quarter of FY 2020-21. The country’s GDP grew at the rate of 20.1 percent in the first quarter of the financial year 2021-22. The agency believes that the coming quarters will also see improvement if the third wave of the epidemic does not come.

The report said that given the rapid pace of vaccination, the impact of potential third wave exposure on growth is limited. However, the growth momentum is likely to be impacted by rising crude oil, mineral products, rising raw material costs, short supply of coal, etc., it said.

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