Exports to boost GDP growth to 20% in Q1FY22: ICRA

India’s GDP is expected to grow by 20 per cent on a year-on-year basis in Q1FY22, ratings agency ICRA said on Wednesday.

It also expects the gross value added (GVA) at basic prices at constant 2011-12 prices at 17 per cent in Q1FY22. The ratings agency said that the trend has been supported by healthy Central and state government capital spending, robust merchandise exports and resilient demand from the farm sector.

It also said that muted base of last year’s nationwide lockdown has aided in concealing the impact of the second wave of COVID-19. Based on our assessment of volumes and available earnings, we have forecast the GVA expansion in industry at a considerable 37.5 per cent in Q1 FY2022, led by construction and manufacturing, which experienced significantly less curbs in the just-concluded quarter compared to the situation during last year’s stringent nationwide lockdown, ICRA’s Chief Economist Aditi Nayar said.

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