Ratings agency ICRA has revised its real GDP growth forecast for India on September 27, 2021 for Financial Year 2022 (FY22). Its GDP forecast has changed from 8.5% to 9 per cent.
ICRA revises FY22 GDP Growth Forecast to 9%
ICRA credited the upward revision in the GDP to the brightening prospects for second quarter of FY22 which is expected to benefit as a result of rapid Covid-19 vaccine administration, healthy advance estimates of kharif output as well as easing of cash management measures related to the spending of Central government.
Forecast for the GVA growth in agriculture, forestry & fishing have been revised to 3 per cent (from 2 percent) in Q2 & Q3 of FY2022.
As per ICRA, robust kharif harvest will sustain the consumption demand from the farm sector. Late sowing helped in bringing kharif acreage nearly at par with the record area of 2021.
