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ICRA Research Report
We have revised FY22 real gross domestic product forecast to 9.0% from 8.5%, citing the brightening prospects for H2 FY22, benefitting from the rapid ramp-up in Covid-19 vaccine administration, healthy advance estimates of kharif output and withdrawal of expenditure management measures related to the Government of India's spending.
The widening coverage of Covid-19 vaccines is likely to boost confidence, which will in turn re-energise demand for contact-intensive services, helping to revive the portions of the economy affected most by the pandemic.
Moreover, the robust kharif harvest is likely to sustain the consumption demand from the farm sector.
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