The bounce back in Q2 of FY22 will be much faster than expected by most forecasters, and therefore our earlier forecast of 10% +/- 1% remains with downside risk, said India’s former Chief Economic Advisor Arvind Virmani. As per the RBI, the economy is expected to grow 9.5% this fiscal while the government pegs growth at 11.5%. GDP had contracted a record 7.3% in the last financial year 2020-21. Most of the leading economists and rating agencies have slashed FY22 growth forecasts to sub 10% due to second virus wave and slow pace of vaccination.

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