Goldman Sachs slashes India’s growth projections for FY 2021-22

Brokerage firm Goldman Sachs has slashed India's economic growth projections.

Brokerage firm Goldman Sachs has slashed India’s economic growth projections.

The demand for strict lockdown across the country has started to pick up due to the fast growing corona virus cases every day, however, in view of the economic losses, the Narendra Modi government of the Center has so far avoided this move. is. Goldman Sachs said in a report that the impact of the lockdown is less than in the year 2020.

New Delhi. US brokerage firm Goldman Sachs estimates India’s economic growth for FY 2021-22 (FY22) to be 11.7 in the wake of the outbreak of the Corona virus epidemic and the lockdown enforced in many states and cities. It has been reduced from 11 per cent to 11.1 per cent. The second wave of Coronavirus in India has taken a terrible form. So far 2.22 lakh people have died due to infection, while more than 3.5 lakh new cases of infection are coming out every day. ‘Restrictions begin to appear in major cities of India’ The demand for strict lockdown across the country has started to pick up due to the fast growing corona virus cases every day, however, in view of the economic losses, the Narendra Modi government of the Center has so far avoided this move. is. Goldman Sachs said in a report that the impact of the lockdown is less than in the year 2020. Nevertheless, the effect of strict restrictions is clearly visible in the major cities of India. Tight lockdowns in cities have affected services (service sector). Apart from this, there are also signs of an impact on the manufacturing sector due to the power consumption and stable manufacturing PMI in April. read this also- Second foreign vaccine of Corona virus will be approved in India soon! Learn what is important about the CEO of PfizerExpected to return fast in July-September 2021 According to Goldman Sachs, most of the indicators are still stating that the effect has been reduced this time as compared to the second quarter of last year i.e. April-June 2020. The brokerage firm said that the third quarter ie July-September 2021 is expected to return sharply, as the restrictions may be reduced to some extent. Goldman Sachs estimates that in such a situation, India’s GDP growth during the financial year 2021-22 could be 11.1 percent, compared to 11.7 percent earlier.




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