India's GDP to grow 9.1% in 2022: Goldman Sachs

Published On: Tuesday, November 23, 2021 | By: Team KnowMyStock

Wall Street brokerage Goldman Sachs today (November 23) estimated India's GDP growth at 9.1% in 2022. After India's economy contracted by a sharp 7% in 2020, Goldman Sachs pegged the economy to grow at 8% in 2021 and 9.1% in 2022. It earlier estimated India's economic growth to 11.1% in the fiscal year to March 31, 2022. It expects consumption and investment to be the key drivers of growth in 2022. "We expect consumption to be an important contributor to growth in 2022, as the economy fully re-opens driven by a notable improvement in the virus situation and adequate progress on vaccination," Goldman Sachs said in a report. The brokerage also forecasts the headline CPI inflation to increase to 5.8% in 2022 from 5.2% in 2021, led by an increase in core inflation as manufacturers pass on input cost increases to consumers as demand recovers with full economic re-opening.

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