The Organization of Petroleum Exporting Countries (OPEC) has stated in a latest monthly update for January 2022 that India's economic growth forecast for 2021 stands at 8.8% and at 7% in 2022, unchanged from the previous month. While India experienced rising inflation in 2021, price rises have retracted to more reasonable levels in recent months, in line with the central bank's expectations, allowing it not to hike interest rates. The economic recovery momentum in India has been slowing since 3Q21 amid a rising new wave of infection, as well as the lingering impact of the Delta wave in 2021. The slowdown in industrial and consumption activities might keep India's economic outlook cautious, especially as the new Omicron variant of COVID -19 may increase uncertainties entering 1Q22. Nevertheless, the postponed recovery may materialize in the coming year, OPEC noted.
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