UBS slashes GDP growth forecast for the current fiscal to 9.1 percent


Mumbai, Jan 12 (PTI) Switzerland-based brokerage UBS Securities has slashed India’s GDP growth forecast for the current fiscal to 9.1 per cent from 9.5 per cent.

The company has lowered its GDP growth forecast, citing a spurt in cases of the novel coronavirus, Omicron, and the impact on economic activity in the March quarter of the current financial year.

UBS Securities, however, has revised its GDP growth forecast to 8.2 per cent for the fiscal year 2022-23. Earlier, the company had projected GDP growth of 7.7 per cent for the financial year 2022-23.

At the same time, the World Bank maintained its June estimate of 8.3 percent, saying that the recovery in the economy is not yet widespread.

The UBS estimate is close to the National Statistical Office (NSO). The NSO has projected a GDP growth of 9.2 percent for the current financial year. But it is 0.4 per cent lower than the Reserve Bank of India’s (RBI) latest forecast of 9.5 per cent.