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Analysts at Goldman Sachs, in their latest report, justified the downward revision to India’s fiscal year (FY) 2022 GDP forecasts, against the backdrop of the second covid wave.

Key quotes

“Cutting Q2 growth further for India as strong Q1 data eclipsed by the second wave.”

“Expect 27.6% annual contraction in India Q2 GDP forecast, down from 20.5% earlier.”

“Lowers overall FY22 real GDP growth forecast for India to 9.9%, from 11.1% earlier.”

Read: USD/INR  Price News: Indian rupee stays firmer around two-month top below 72.50