India’s GDP to grow by 10.1 per cent in FY2022 : ICRA

India's GDP Growth

Domestic rating agency ICRA Ratings on Monday said it expects the country’s real gross domestic product (GDP) to grow by 10.1 per cent in FY2022.

It, however, said the value of GDP in the next financial year will only mildly surpass the level that had been recorded in FY2020.

“After a 7.8 per cent pandemic-driven shrinkage in the ongoing fiscal (FY2021), India’s real GDP is projected to record a growth of 10.1 per cent in FY2022. The seemingly-sharp expansion will be led by the continued normalisation in economic activities as the roll-out of COVID-19 vaccines gathers traction, as well as the low base,” the agency principal economist Aditi Nayar said in a report.

The agency’s principal economist expects a multi-speed recovery in FY2022, with the contact-intensive sectors, discretionary consumption and investment by the private sector trailing the rest of the economy, in the arduous march back to attaining, and sustaining, pre-COVID levels.

The agency expects the headline CPI inflation to decline to 4.6 per cent in FY2022 from 6.4 per cent in FY2021, while exceeding the mid-point of the Monetary Policy Committee’s (MPC’s) medium target of 4 per cent, for the third consecutive year.

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