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ICRA revises India's Q2FY22 GDP growth to 7.9%
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SME Times News Bureau | 19 Nov, 2021
Rating agency ICRA has revised India's gross domestic product (GDP) for Q2 FY22 upward by 20 basis points to 7.9 per cent.
Gross Value Added (GVA) for the quarter is expected to rise by 20 basis points to 7.4 per cent, the agency said in a report.
ICRA attributed the Centre's renewed spending in the economy as the cause for this upward revision.
According
to Aditi Nayar, Chief Economist at ICRA: "Economic activity in Q2 FY22
was supported by a pick-up in industrial and service sector volumes
after the second wave of Covid-19 subsided and rising vaccine coverage
revived confidence.
"Additionally, healthy Central and state
government spending, robust merchandise exports and continuing demand
from the farm sector supported economic activity in that quarter."
An
indication of a robust trend in the production of major Kharif crops
also seemed to have supported the growth, the report added.
The
report cited that revenue expenditure for 22 states such as Andhra
Pradesh, Bihar, Chhattisgarh, Gujarat, Himachal Pradesh, Haryana,
Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Mizoram,
Nagaland, Odisha, Punjab, Rajasthan, Sikkim, Tamil Nadu, Telangana,
Tripura, Uttarakhand and Uttar Pradesh expanded by 13.1 per cent in
Q2FY22, as compared to 1 0.6 per cent in Q1FY22.
The official GDP number for Q2FY22 is slated to be relased on November 30.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹95.3
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₹93.6 |
UK Pound
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₹123.7 |
Euro
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₹110.65
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₹106.9 |
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Yen |
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