Indian Economy - Real GDP Growth Pegged At 9% Each In FY22, FY23 Amid Omicron Uncertainty: ICRA
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ICRA Research Report
The data for October-November 2021 does not point to a broad-basing of the growth recovery in India. After the higher-than-expected net cash outgo sought under the second supplementary demand for grants, the pace of government spending is likely to determine whether the pace of gross domestic product growth meaningfully exceeds 6.0-6.5% in Q3 FY22.
Moreover, the emergence of the Omicron variant of Covid-19 has heightened uncertainty. While the announcement of booster doses and vaccines for the 15-18 age group is welcome, it remains to be seen whether all the existing vaccines would offer adequate protection against the new Omicron variant to avert a third wave in India.
In any case, fresh restrictions being introduced by several states to curb the spread of Covid-19 may temporarily interrupt the economic recovery, especially in the contact-intensive sectors in Q4 FY22.
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