New Delhi. US brokerage firm Goldman Sachs has lowered India’s economic growth forecast for FY 2021-22 from 11.7 percent to 11.1 percent in the wake of the outbreak of the Corona virus epidemic and the ensuing lockdown in many states and cities. The second wave of corona virus infection has taken a terrible form in India and so far 2.22 lakh people have died due to this disease, while 3.5 lakh new cases of infection are being reported every day. Due to this, the demand for strict lockdown has also started increasing in the entire country, however, considering the economic loss, the Modi government has so far avoided this move.
Goldman Sachs said in a report that the intensity of the lockdown was lower than last year. Nevertheless, the impact of strict restrictions in major cities of India is clearly visible. Tight lockdowns in cities have particularly affected services. Apart from this, there are also signs of an impact on the manufacturing sector due to the consumption of electricity, and the stagnation of the manufacturing PMI in April.
Goldman Sachs said that overall, most indicators are still reporting that the impact has been lower this time than in the second quarter (April – June) of last year. The brokerage firm said that although the boom is expected to return in the third quarter (July-September), then the restrictions may be somewhat lower. In such a situation, Goldman Sachs estimates that India’s GDP growth could be 11.1 percent during FY 2021-22, compared to 11.7 percent earlier.
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