Lockdown Impact - India GDP Growth To Be 10.2% In FY22: CARE Ratings 
A taxi drives on a empty street at night during a weekend lockdown in Mumbai, India. (Photographer Dhiraj Singh/Bloomberg)

Lockdown Impact - India GDP Growth To Be 10.2% In FY22: CARE Ratings 

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CARE Ratings Research Report

Towards the end of the last fiscal year on March 24 we had projected growth in gross domestic product for FY22 to be between 11-11.2% based on gross value added growth of 10.2%.

The spread of the virus in Maharashtra had led to the announcement of a lockdown by the state government which began in a less stringent manner from the first week of April.

Consequently, on factoring the potential loss of economic output due to the restrictions in Maharashtra on April 5 we lowered our GDP forecast for FY22 to 10.7-10.9%.

But the lockdown has been made more obtrusive to business activity by April 20, with more stringency expected for the forthcoming fortnight.

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CARE Ratings Lockdown Impact .pdf

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