The pace of economic reform started slowing, this apprehension increased

Photo: PTI

Economic recovery losing steam, GDP growth may be below 9pc in FY22

New Delhi. The wheel of economic activity has started to slow down between the second rapid spread of the corona virus and the lockdown imposed in various states to overcome it. Due to this, the growth rate of the country’s gross domestic product (GDP) during the current financial year can be below nine percent. It has been said in a survey.

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In this survey conducted by the Care Rating Agency, 80 percent of respondents said that the current situation of Kovid-19 could have a profound impact on demand and investment in non-essential items. He says that the cases of infection are reaching record highs, the pace of improvement in the economic sector is slowing down. Nearly seven out of every 10 respondents are expecting GDP growth to be below nine percent in FY 2021-22.

According to the survey, most people believe that the lockdown imposed by various state governments will remain till the end of May. Overall 54 per cent of the people surveyed believe that the lockdown is a diagnosis of the current state of Kovid-19 in the country. However, more than three-quarters also believe that the current lockdown is not as stringent as the previous year.

Another agency, Crisil, said that India’s GDP growth rate could fall to 9.8 percent under normalcy. This will happen when the second wave of Corona virus reaches its peak in May and comes down. But if it continues till the end of June, then the pace of economic growth will be further reduced to 8.2 percent.

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