MumbaiThe real growth rate of the country’s Gross Domestic Product (GDP) is estimated to be nine percent in the current financial year (2021-22) and the next financial year (2022-23). This is stated in a report. The report said that despite concerns about Omicron, the new form of COVID-19, the growth rate of the economy is expected to remain high.
In the second quarter of the current financial year, July-September, the economic growth rate has been 8.4 percent. At the same time, in the first quarter April-June, the economy grew at the rate of 20.1 percent. Aditi Nair, Chief Economist, domestic rating agency ICRA, said in a report, “We stick to our forecast of nine per cent growth in the current fiscal with a clear ‘K’-shaped revival between the organized and unorganized sectors of the economy.” ”
The ‘K’ shaped revival refers to the different levels of revival in different sectors of the economy after the moderation. He said that in the next financial year also, the Indian economy will grow at the rate of nine percent. Nair expects that by March 2022, the number of adults who have received both the vaccines will increase to 85-90 per cent. He added that while the announcement of booster doses and vaccines for the 15-18 age group is welcome, it remains to be seen whether existing vaccines will be able to protect against Omicron, thereby preventing the third wave of the pandemic in the country. can be stopped.
He said that curbs are being imposed by many states to contain the spread of COVID-19, which may temporarily hamper the economic revival. This could particularly affect the contact-intensive sectors in the fourth quarter of the current financial year. Nair said the expansion of the economy in the next financial year will be more meaningful and tangible. This will not be like the expansion due to Aadhaar effect in the current financial year.
The rating agency said that the data available for the third quarter of the current financial year does not provide any clear evidence that the Monetary Policy Committee (MPC) has met the criteria for sustainable and sustainable growth, on the basis of which it will calculate in February 2022. Change the policy stance to neutralize it.(Agency)