Citigroup, ICICI lower growth projections for India as Covid cases surge

Daily new cases of coronavirus in the country have gone up from about 6,500 two weeks ago to more than 170,000 now.

A sharp rise in coronavirus cases in India is seen hurting the economy’s growth prospects, albeit milder than during the previous waves.

 Economists, including those at Citigroup Inc., India Ratings & Research Pvt., and ICICI Bank Ltd., have lowered their gross domestic product estimates after official data Friday showed Asia’s third-largest economy will likely expand by 9.2% in the fiscal year to March -- a pace that’s slower than the 9.5% previously expected by the nation’s central bank, as well as the International Monetary Fund.

While the economic impact of the omicron outbreak in the current quarter could be lower than previous