Credit rating agency CRISIL lowered the country’s economic growth forecast for the current fiscal year 2021-22 to 8.2 percent on Monday, against the earlier estimate of 11 percent. The agency has said that if the second wave of corona infection subsides after the end of June, India’s economic growth could be 8.2 percent in the year 2021-22.
He clarified that given the current situation, there may be a risk of India’s projected 11 percent economic growth slowing down. If the second wave of Corona infection continues till the end of May, then the economic growth could be 9.8 percent. If the wave continues till July, then the growth rate is estimated to be 8.2 percent.
According to official estimates, the economy was down 7.6 percent due to the nationwide lockdown in FY 2020-21. After the outbreak of the second wave of corona infection, there is a risk of a decrease in the growth rate.
The agency said that the biggest challenge facing the country is the spread and vaccination of corona infection. The second wave of epidemic spread on a very large scale globally, but with the increase in infection rate in India, the death rate has been recorded.
He said that India is very low in terms of the total vaccinated population. It will be good if half of the country’s population gets corona vaccine by October. The rating agency, however, maintained a 15 percent revenue growth estimate.