The economy is on track to grow 10% in the year that began April 1, according to the median of 12 estimates compiled by Bloomberg News. That’s after several economists downgraded their forecasts in recent weeks to factor in local curbs on activity, including in India’s political and commercial hubs. Households would rather save than spend, said QuantEco Research economist Yuvika Singhal, who downgraded her full-year growth forecast by 150 basis points to 10%. “Even as India’s second Covid-19 wave starts to recede, the underlying economic toll now appears larger than we expected," Barclays economist Rahul Bajoria said. “Furthermore, the slow pace of vaccinations and rolling lockdowns are also likely to weigh on India’s recovery."

Source: Mint May 31, 2021 04:30 UTC