This growth rate is lower than previously predicted. India-based research firm India Ratings and Research (Indira) has given a new forecast for Indian GDP. Mumbai-based research firm India Ratings and Research (Indira) has given a new forecast for Indian GDP. Indira’s new forecast also mentions ‘if only’ for GDP growth. However, this number has increased to 6 lakh 30 thousand on June 21.
Indra has forecast 10.4 per cent growth in aviation, tourism, hotels and restaurants, sports, entertainment, hospitality and other sectors that are still reeling under the effects of the corona.
Indra also spoke about the consumption trend in the Indian economy. They said that even before the launch of Covid-19, the consumption trend among the people was declining.
According to the agency, India’s Parent, Family and Community Engagement (PFCE) index was negative at 26.2 percent in the first quarter of FY2021. However, the company expects the index to drop to 10.8 percent in 2022.
At the same time, the growth in the industrial sector may be 10.9 percent. This is the third consecutive year that India’s agricultural sector has seen an increase in production. At the same time, the growth in the industrial sector may be 10.9 percent. Apart from this, Indira Gandhi has forecast 10.4 percent growth in the sectors like aviation, tourism, hotel-restaurant, sports, entertainment, hospitality or hospitality which are still suffering due to the impact of Corona.
The Indian economy is likely to grow by 9.6 per cent in the current fiscal year 2021-22, according to credit rating agency India Ratings and Research (Ind-Ra). The company trimmed its projection of the gross domestic product (GDP) growth for the current fiscal from 10.1 per cent to 9.6 per cent, due to the scale of the second wave of the deadly COVID-19 pandemic in the country. (Also Read: Economy May Have Shrunk 12% In June Quarter Due To Covid Second Wave: Report )
During the previous financial year 2020-21, which witnessed the first wave of COVID-19 and the onset of the second, the economy contracted by 7.3 per cent, recording its worst-ever performance in more than four decades.
In the first quarter of the previous fiscal, the GDP contracted by a massive 23.9 per cent, and at 7.5 in the second quarter – resulting in the economy slipping into a technical recession. In the subsequent third and fourth quarters, the economy staged a V-shaped recovery, due to the gradual easing of lockdown restrictions.
The Fitch group company now projects the GDP growth to come in at 9.6 per cent in the current financial year, however, it added that it is contingent upon India vaccinating its entire adult population by December 31, 2021.
According to Digital Commerce 360, the e-commerce industry saw a dramatic rise in revenue due to the pandemic in 2020. The sector generated an additional USD 174.87 billion revenue from online shopping due to the COVID-19 restrictions.
The stable future of the e-commerce industry is luring aspiring business leaders, fresh graduates, working professionals and entrepreneurs. If you are clueless about the best e-commerce course, read this blog as it answers your relevant queries.