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Barclays projected the economic growth at 8.5 per cent for fiscal year 2021-22
As a result of a decrease in COVID-19 cases and an uptick in high-frequency economic data, the country s gross domestic product (GDP) is expected to return to expansion territory in the October-December quarter, growing by 0.8 per cent year-on-year (YoY), according to multinational bank Barclays. Hit by the COVID-19 pandemic and the nationwide lockdown imposed by the government in late March last year to control the spread of infection, the country s GDP contracted by 23.9 per cent in April-June and 7.5 per cent in the July-September quarter. ( We expect GDP to return to growth in Q3 FY2020-21 (October-December 2020), after contracting for two quarters. We forecast Q3 GDP will rise 0.8 per cent y/y, taking into account latest high-frequency data, posing mild upside risks to our FY2020-21 GDP forecast of -6.5 per cent. We maintain our FY2021-22 GDP at 8.5 per cent y/y and see some upside risks, said
Monetary Policy Review: Experts believe that the rupee may remain strong after recent announcements
Reserve Bank of India (RBI) Governor Shaktikanta Das announced on February 5, 2021, that the Monetary Policy Committee (MPC) will maintain key policy rates at the existing levels, which lead to the repo and reverse repo rates unchanged. The central bank kept the repo rate unchanged at four per cent and the reverse repo rate steady at 3.35 per cent. The RBI Governor also assured that the central bank would continually support the economy s recovery from COVID-19 by ensuring ample liquidity in the system. The Monetary Policy Committee also projected the real gross domestic product (GDP) growth to be 10.5 per cent in 2021-22 – in the range of 26.2 to 8.3 per cent in the first half, and six per cent in the third quarter. (