India's GDP expected to grow at 22-23% in June quarter: Acuite Rating

The intensity of the second wave of Coronavirus (Covid-19) and the subsequent lockdowns across almost all states disrupted the contact intensive services again in Q1

India's economy is expected to grow 22-23 per cent on year-on-year (Y-o-Y) in the June 2021 quarter (Q1FY22) on the back of a severe contraction a year ago, government capex and exports, according to Acuite Ratings.

A double-digit sequential contraction in Gross Value Added (GVA) and Gross Domestic Product (GDP) is also expected vis-à-vis Q4FY21, given the severe hit impact on the services sector.

Suman Chowdhury, chief analytical officer, Acuité ratings & Research, said Q1FY22 enjoys strong support from a favourable base from last year’s near-complete nationwide lockdown. It had led to a massive 24.4 per cent (YoY ) contraction