Swiss brokerage UBS Securities has lowered the growth forecast of the Indian economy for the current financial year (FY22) to 9.1 % due to a massive surge in Omicron infections. Earlier this was estimated at 9.5 percent.
However, UBS Securities does not see the third wave impact extending to the next financial year as it has revised upwards its real GDP forecast to 8.2 %, up from 7.7 per cent earlier.
Summary:
- 2021-22 (FY22) – 9.1%
- 2022-23 (FY23) – 8.2%
- 2023-24 (FY24) – 6.0%
