Business & Economy

India reduced GDP growth forecast to 9.2 percent for 2021-22

New Delhi, Jan 7 (EFE).- The Indian government reduced Friday its GDP growth forecast to 9.2 percent for fiscal year 2021-22 ending Mar.31, down from more than 10 percent as coronavirus infections rise in the country propelled by the omicron variant.

“The growth in real GDP during 2021-22 is estimated at 9.2 per cent as compared to the contraction of 7.3 per cent in 2020-21,” the Central Statistics Office said in its first official forecast.

This announcement lowers the forecast announced in June last year by the central bank that Indian GDP would grow by 9.5 percent in fiscal year 2021-22.

The Indian economy suffered a sharp fall of 7.3 percent in its GDP in the fiscal year 2020-2021, mainly due to a 24.4 percent fall between April and June 2020 caused by a strict nationwide lockdown to check the spread of the coronavirus.

Infections are again on the rise in India, which on Friday announced over 100,000-day cases in the first time, marking the first such instance in seven months, and they included more than 3,000 cases of the omicron variant. EFE


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