India's Real GDP Set To Expand At 11 Per Cent In FY22 After 7-7.5 Per Cent Contraction In FY21: Brickwork RatingsPrime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.

In a positive development, rating agency Brickwork Ratings has estimated that the Indian economy is set to post robust real GDP growth of 11 per cent in FY22 due to the faster economic recovery and other factors like the development of vaccine and related progress, reports Economic Times.

Brickwork Ratings has also noted that the nation's GDP contraction in the pandemic hit FY21 is likely to be in the range of 7-7.5 per cent which would be better than the 7.7 per cent contraction estimated in the first advance estimates of the national income released by the National Statistical Office (NSO).

Rating agency's report also says that even though some sectors will continue to report staggered recovery owing to social distancing norms, the economy as a whole would likely report positive growth in the ongoing second half of the FY21.

Brickwork Ratings' report stated that it expects the industrial and services sectors to grow at 11.5 per cent and 11-12 per cent respectively in FY22, while the revival in certain sectors which fall under discretionary spending is likely to be delayed given the economy is still battling the pandemic.

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