ICRA raised the country's economic growth forecast to 9 percent

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MUMBAI: ICRA has revised its economic growth forecast for the current financial year to 5 per cent from 2.50 per cent earlier. Growth estimates have improved due to factors such as speed in vaccination against corona, strong initial kharif crop estimates and growth in government spending, a statement from ICRA said in a statement.

The country's economic growth rate is expected to remain high in the current financial year after declining by 6.50 per cent in the financial year 2020-21. However, the second wave of Corona in the first quarter affected the country's economic activity, especially in rural areas, which led analysts to speculate.

The Reserve Bank has projected 6.50 per cent. The growing prevalence of the corona vaccine is expected to boost consumer confidence in the country. An increase in demand will result in a slowdown in the economy, the agency noted.

Higher kharif crop yields will boost demand from farmers in rural areas while rising government spending will boost consumption demand.


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