The Reserve Bank had issued an estimate of the economy to grow at 9.5 percent. Although there are signs of slowdown in the recovery of the economy due to the impact of Omicron.
Estimates of 9.2 percent Goths in FY22
In the current financial year, the Indian economy can register a growth of 9.2 percent. This has been said in the first advance estimates released by the government. This estimate is lower than the Reserve Bank’s estimates. The Reserve Bank had issued an estimate of the economy to grow at 9.5 percent. Economists have already said that due to the Omicron variant, there will be some slowdown in economic growth. Similar indications are coming from the first advance estimates of the government.
Experts have expressed the possibility of Omicron’s effect on growth
At the same time, in a report released yesterday, the domestic rating agency India Ratings and Research said that due to Omicron, there may be an impact of 0.4 percent on the GDP of the January-March quarter. While the GDP for the whole year may decrease by 0.1 percent compared to the previous estimates, according to the rating agency, any restrictions imposed across the country such as reduction in the number of people coming to the markets, curfew at night or weekend economy But will make an impact. The agency said that due to the increase in the number of new cases in the last 15 days, the growth rate in the fourth quarter may come down to 5.7 percent, earlier the growth was estimated at 6.1 percent. GDP growth for the full year is expected to be 9.3 percent, which was earlier 9.4 percent. While HDFC Bank Chief Economist Abhik Barua has expressed apprehensions that in view of the increasing cases of Omicron, the GDP (Gross Domestic Product) for the March quarter There may be an adverse impact of 0.30 percent on the growth rate. Along with this, India Ratings and economists are of a consensus that the Reserve Bank can keep rates stable next month in view of the third wave of Kovid.
(Updates in copy are in progress)