Ind-Ra lowers India’s GDP growth forecast by 10 basis points to 9.3% in FY22

The ratings agency India Ratings and Research (Ind-Ra) has downgraded the GDP of India for the current fiscal FY 2021-2022.

For the entire FY22, the GDP is expected to clock a growth rate of 9.3% y-o-y, 10bps lower than our earlier estimate of 9.4%.” Meanwhile, Brickworks Ratings has also revised India’s GDP growth forecast for the current fiscal (FY22) to 8.5-9%. Earlier this was estimated at 10%. The rapid spread of the Omicron variant is the main driver to downgrade GDP growth projections.