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Amid the second wave of the COVID-19 pandemic, domestic rating agency Care Ratings in its latest report has revised downward its gross domestic product (GDP) growth forecast for the current fiscal to 9.2 per cent from 10.2 per cent it had estimated earlier.

This is the fourth revision by the rating agency in its GDP growth forecast for FY2021-22 since March this year. On March 24 this year, it had projected GDP growth for FY22 at 11-11.2 per cent but revised downwards forecast to 10.7 per cent on April 5 and further to 10.2 per cent on April 21.

Care Ratings further noted that the GDP in FY21 was Rs 134.08 lakh crore that was to increase to Rs 148.83-149.10 lakh crore as per its March forecast, but the GDP level in real terms will be Rs 146.42 lakh crore based on 9.2 per cent growth. It further said that the lower growth in GDP compared to initial estimate of 11.2 per cent would mean a loss of Rs 2.68 lakh crore in real terms or Rs 3.89 lakh crore in nominal terms.