India's economy recovery on 'solid path' amid rapid vaccination progress, forecast to grow 6.5 percent in FY 2022: UN
India is forecast to grow at 6.5 percent in the fiscal year 2022, a decline from the 8.4 percent GDP estimate in the previous financial year, and while the country's economic recovery is on a "solid path" amid rapid vaccination progress, coal shortages, and high oil prices could put the brakes on economic activity in the near term, the UN said on Thursday.
The flagship United Nations World Economic Situation and Prospects (WESP) 2022 report, launched here, said that India's GDP is forecast to grow at 6.5 percent in the fiscal year 2022, a contraction from the estimated growth of 8.4 percent in the fiscal year 2021.
Growth is projected to further slow down to 5.9 percent in the financial year 2023, the report said.
On a calendar year basis, the report says that India's GDP is projected to expand by 6.7 percent in 2022 after a 9 percent expansion in the calendar year 2021, as base effects wane.