Citigroup revises down India GDP forecast by 80 bps to 9% for FY22

“These {reasons] include lower hospitalisation rates (currently seen in cities like Mumbai and experience from South Africa), shorter COVID wave cycle period (40 days of trough-to-peak of daily cases in SA [South Africa], compared to 90-100 days in previous waves), higher vaccination coverage (70 per cent second dose for adults in India), and weakening link between COVID and activity,” Chakraborty said in a research note.

Citigroup also revised FY23 estimate of real GDP forecast to 8.3 per cent year on year (YoY) in place of the earlier 8.7 per cent.

Fibre2Fashion News Desk (DS)