71 percent of the respondents believed that India’s GDP will dip down below 9 percent for the financial year 2022.

Citi becomes the latest to downgrade India's FY22 gross domestic product (GDP) forecast. Samiran Chakraborty, Managing Director and Chief Economist, India for Citigroup, has lowered his projections for growth for the year because of second wave of COVID-19.

Markets may be cheerful because they are forward-looking but economists are worried about ‘the here and the now’, and now a series of downgrades is being seen to gross domestic product (GDP) forecast because economists have some idea where the COVID – at least current curve – may be peaking. Pranjul Bhandari, Chief India Economist of HSBC; Sajjid Chinoy, Chief India Economist of JPMorgan, and Samiran Chakraborty, Chief Economist at Citi, discussed this further.

The industry has raised concerns on the ambiguity with regards to pricing for exporting products in the absence/clarity of remission duties that the government has to let the industry know, according to people in the know.