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Economy in need of oxygen as brokerages downgrade bets on India for FY'22

Apr 19, 2021 07:37 IST | By Editorji News Desk

As fresh Covid cases continue to spike over 2.5 lakhs daily the bets on India continue to decline with brokerages cutting their growth projections across the board. 

  • UBS expects the current mobility restrictions to remain in place until end-May has cut it's growth expectation lower to below even the RBI's estimate at 10% vs 11.5%. 
  • Citigroup now sees the current year's growth 50 bps lower at 11.5% mostly led down by private consumption and services. 
  • JPMorgan has made the biggest cut , projecting the GDP growth now  down 200 bps to 11% from their original 13% bet.

 As daily new cases double of last peak in September 2020 brokerages also warn that if the situation does not ease by mid may there could be a period of multiple growth revisions like in last year.