India Growth rate increase– Credit rating agency BRICWORK Credit Rating Agency in India has sai about indian economy rapidly increased.
Credit rating agency Brickwork forecast the country’s economic growth
India Growth rate increase
Credit rating agency BRICWORK on Tuesday said it expects the Indian economy to grow at a faster rate of 10-10.5 per cent in the current fiscal. The reason for this is that due to the economic reforms made in the Corona era and vaccination which has progressed faster than expected, the economic cycle has started to turn rapidly.
Credit rating agency BRICWORK
According to Brickwork, various components of the economy are recovering faster than expected. Due to the decline in the number of new corona patients, the GDP is expected to grow at the rate of 8.3 percent in the second quarter of FY 2022. Continuing improvement is expected and further growth in GDP is expected. Most states have already relaxed all restrictions. Mass vaccination is likely to boost economic activity.
Economy is slowly returning to normal
The outbreak of Corona has had a devastating effect on the economy. Connectivity sectors such as hotels, tourism and transport and supply disruptions may take some time to recover. The economy is slowly returning to normal.
This is underscored by the recent satisfactory figures in the manufacturing and services sectors. In addition, consumer demand has also increased during the festive season, the observational credit rating agency has pointed out.
The risk of a possible third wave, which may hinder development, is currently reduced by vaccination. However, rising international oil prices, metals and minerals, rising commodity prices, limited coal supplies and rising freight rates are likely to slow the economy, Brickwork said.
The central government has increased capital expenditure in recent months, which is likely to have a positive impact on the economy. Demand is likely to improve further with the demand for goods and services rising during the festive season. This will lead to more efficient use of the increased capacity in the third and fourth quarters.