Goldman Sachs has downgraded India's growth targets for the coming year due to economic uncertainty from Covid resurgence . The Wall Street brokerage has cut the full year forecast to 10.5% from 10.9% earlier.
The growth slowdown is hitting earnings and market outlook as well. Goldman Sachs expects Nifty to reach 16,300 by December, down from the earlier forecast of 16,500, which implies only about 14% upside in rupee terms.
Earlier this week Nomura as well cut India's growth forecast from 12.5% to 11.5% and cited inflationary concerns on localised lockdowns.