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Care Ratings Revised down India’s GDP Growth Forecast for FY22 to 10.2% from 10.7-10.9%

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Care Ratings revises India's GDP growth forecast

Care Ratings has reduced India’s Gross Domestic Product (GDP) growth forecast for FY22 to 10.2 per cent from its earlier projection of 10.7-10.9 per cent. In the last 30 days, this is the third revision by the rating agency due to the surge in COVID-19 cases and local restrictions (Especially Maharashtra).

Growth Predictions of Care Ratings:

  • On March 24, 2021, Care Ratings projected an 11-11.2 per cent GDP growth based on GVA (gross value added) growth of 10.2 per cent, and on April 5, 2021, it has projected the same at 10.7-10.9 per cent.
  • It has forecasted an increase in GVA to increase from Rs 124.11 lakh crore (FY21) to Rs 136.82 lakh crore (FY22) which was an increase of 10.2 per cent.
  • The loss in GDP for 2021 due to lockdowns are predicted to 0.8 – 1 per cent(as compared to earlier prediction of 11-11.2 per cent)

Recent Related News:

Fitch Ratings, an American credit rating agency in its latest Global Economic Outlook (GEO)-March 2021 has revised India’s Gross Domestic Product (GDP) growth estimate to 12.8% for FY22 from 11% due to the stronger carryover effect, and better virus containment.

About Care Ratings:

Establishment – April 1993
Headquarters – Mumbai, Maharashtra
MD & CEO – Mr. Ajay Mahajan