India's GDP to bounce back to 10.4% growth in FY22, says India Ratings

India Ratings and Research (Ind-Ra) estimates India’s gross domestic product (GDP) to bounce back to 10.4 per cent growth in FY22 driven by base effect, signalling that a meaningful recovery will not happen before FY23.

The rating agency expects GDP growth to turn positive at 0.3 per cent in the January-March quarter of FY21 after shrinking in first nine months of the year.

The YoY recovery in FY22 will be V-shaped, but the size of GDP will barely surpass the level attained in FY20 and will be 10.6 per cent lower than the trend value, the agency said.

“FY22 will be covering the