
Ficci survey lowers FY23 GDP growth to 7.4%
The survey mentions that the Russia-Ukraine conflict is likely to further aggravate price rise through imported commodities.
The survey mentions that the Russia-Ukraine conflict is likely to further aggravate price rise through imported commodities.
The trade body said India will face restraints on several fronts due to the Russia-Ukraine war.
A closer look beyond the headline numbers reveals that manufacturing and construction still remain a pain point in the economy.
For fiscal 2021-22, real GDP growth estimate was revised downwards to 8.9% compared with the earlier forecast of 9.2%.
The survey has cautioned on the "uncertain" global environment on account of a new Covid-19 variant.
The projection is lower than the 9.5% GDP growth estimated by the Reserve Bank of India's monetary policy committee last month.
Aided by strong demand recovery, credit ratio rebounds to 1.33 in H2FY21, from 0.54 in H1FY21. GDP could grow at 11% in FY22, but the resurgence in Covid-19 cases is a key downside risk, says CRISIL.
Rising inflation and firming bond yields in the U.S. push down Indian benchmark indices, causing a correction of around 6% from the latest life–highs of February 16.
Despite the Survey’s positive tone, the Sensex and Nifty 50 closed in the red, falling nearly 8% in a matter of five trading sessions from their January 21 life–high.
According to the RBI, the gross NPA ratio of all scheduled commercial banks may increase from 7.5% in September 2020 to 13.5% by September 2021, and even escalate to 14.8% in severe stress scenario.