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Credit Ranking Agency India Ratings Modifies FY22 GDP Development Projection To 9.4% Year-On-Year

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GDP growth projection for the existing financial year to 9.4 per centDomestic credit ranking firm India Scores and Research Study (Ind-Ra) modified the gdp (GDP) growth forecast for the financial year 2021-22 to 9.4 per cent year-on-year, adding that the country's financial recovery will depend upon the progress of the vaccination drive.

If the country is able to vaccinate its entire adult population (18 years-plus) by the end of this year, then the GDP growth is expected to come in at 9.6 percent, added Ind-Ra.

The credit ranking company's quote suggests that around 5.2 million everyday dosages would need to be administered from August 18 to totally immunize more than 88 percent of the adult population and to administer a minimum of single doses to the remaining population by the end of the current financial year.

Going by the speed of vaccination, it is now almost certain that India will not have the ability to vaccinate its entire adult population by December 31, stated Ind-Ra in its statement.The GDP development forecast of 9.4 percent by the ranking firm for the existing fiscal year is primarily on the back of high-frequency indications revealing faster-than-expected financial rebound, in addition to subsiding of the COVID second wave.Meanwhile, last month, the International Monetary Fund (IMF) minimized India's development forecast from 12.5 percent to 9.5 per cent for the current fiscal year - down by 3 percentage points, following the lethal second wave of COVID-19 pandemic in the nation.

The Reserve Bank of India (RBI), in its 3rd bi-monthly monetary policy review for the fiscal year 2021-22, kept the GDP development projection for the current financial year at 9.5 per cent, but raised the CPI inflation estimate to 5.7 per cent from 5.1 percent, upon inflationary concerns.




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