India`s GDP growth may be below 9% in FY22 owing to 2nd Covid-19 wave: Care Ratings Survey
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Care Ratings in its latest survey has said amid a raging second wave of COVID-19 and subsequent restrictions on business activities imposed by several states, economic recovery is beginning to lose steam and India’s GDP growth is likely to be below nine per cent for the current fiscal (FY22). It said at least 80 per cent of the respondents expect consumer demand for non-essential items as well as investment to be severely impacted due to the current COVID situation.
It mentioned ‘the economic recovery is beginning to lose steam with infection rates scaling record highs. Almost seven out of 10 respondents expect GDP (growth) to be below nine per cent for FY22.’ According to the survey, the majority of respondents expect the lockdown announced by several states will stay till May-end.
Altogether, 54 per cent of the people, who participated in the survey, believe that the lockdown is a solution to the current COVID-19 situation in the country. It added little more than three-fourth of the respondents feel that the current lockdown is not as stringent as the restrictions imposed last year.
