Acuite Predicts Indias Growth Rate To Be 8.5 Per Cent In Q2FY22

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New Delhi: India’s Q2FY22 GDP is expected to grow by 8.5 per cent on a year-on-year (YoY) basis amid support from a favourable base, Acuite Ratings and Research said.Also Read – Moody’s Slashes India’s GDP Growth Forecast to 9.3% Due to COVID Pandemic

As per the ratings agency, gradual removal of lockdown restrictions by most states towards the end of the last quarter will also help the GDP to grow. Also Read – India’s Economy Out Of Technical Recession As GDP In 3rd Quarter Shows Growth At 0.4%

Besides, it predicted a GVA growth of 7.5 per cent on YoY basis in Q2FY22. Also Read – India’s Economy to Drop by 9 per cent in Financial Year 20-21: Asian Development Bank

According to the agency, the steady progress in vaccination has improved consumer sentiments.

Furthermore, the economy has been supported by relative resilience of the industrial sector and a gradual rebound in services sector with improved mobility, buoyancy in exports, and improved government capital expenditure.

“For FY22, we continue to retain our GDP growth forecast at 10 per cent albeit with some downside risks emanating from global supply chain disruptions, elevated commodity prices that may tighten inflationary pressures as demand makes a comeback and a potential volatility in global markets as central banks attempt a normalisation of monetary policies,” its Chief Analytical Officer Suman Chowdhury said.

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