Goldman Sachs, others raise India's FY22 GDP growth forecast

Those at Morgan Stanley, too, are upbeat on the region's growth rate. Vaccination, easing of Covid-led travel restrictions and releasing pent-up demand, they believe, will help economic recovery

Various analysts and brokerage houses have raised their projections for India’s economic growth in the current fiscal year on a low base of 7.3 per cent contraction in 2020-21 due to pick-up in consumption and dwindling Covid cases.

Goldman Sachs in its recent Macro Outlook 2022 note revised upward its projection for gross domestic product (GDP) to 9.1 per cent, from the earlier estimate of 8 per cent for calendar year 2022. For 2021-22 (FY22), it pegged economic growth at 8.5 per cent.

“We expect consumption to be an important contributor to growth in 2022 as the economy fully reopens,