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ICRA cuts its FY22 GDP estimate by 0.5%, sees economy expanding by 10.5%
Domestic rating agency ICRA on Tuesday cut its 2021-22 growth estimate by 0.5% on the upper end, as a newer spate of lockdowns and restrictions get imposed in pockets to arrest the rising COVID-19 cases.
The agency now expects the economy to grow 10-10.5% in 2021-22, against the 10-11% estimated earlier.
Starting with Maharashtra, a slew of other pockets in the country like Delhi have been taking to localised lockdowns to arrest the climbing COVID-19 cases, which derails economic activity.
“For Q1 FY2022 (April-June 2021), we had earlier expected a GDP expansion of 27.5%, boosted by the low base.
“With the unprecedented surge in cases and evolving restrictions, the pace of GDP growth in the ongoing quarter may be tempered to 20-25%,” the agency said.