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India's GDP expected to grow at 9% in current, next fiscal

 

  • Credit rating agency ICRA has said that India's GDP is likely to maintain a 9% growth rate in fiscal 2022 and 2023, amid concerns over the Omicron variant of COVID-19. 
  • The country's economy grew at 8.4% in the 2nd quarter of the current fiscal, as against a growth of 20.1% in the April-June quarter.
  • ICRA's Chief Economist Aditi Nayar expects the expansion in fiscal 2023 to be more meaningful and tangible than the base effect-led rise in the 2022 fiscal.