NEW DELHI, JUNE 19, 2021
India’s Gross domestic product (GDP) is likely to grow by 8.7 per cent, down from 11.1 per cent expected earlier, according to a report published by Motilal Oswal Financial Services (MOFSL).
“Due to the ferocious second Covid wave, we have revised down our real GDP growth forecasts. Compared with our Mar’21 forecast of 30 per cent YoY, we now expect real GDP growth of 21 per cent year-on-year (YoY) in the first quarter of the current fiscal in Q1FY22, with some downward revision in 2QFY22 as well,” the report said.
“However, as COVID cases have dropped sharply in June ’21, some pent-up demand may be visible in 2HFY22 and 1HFY23,” it added.
As per the MOFSL report, the nominal GDP growth is now projected at 15.6 per cent for FY22 vis-a-vis 15.1 per cent earlier and 10 per cent for FY23.