Goldman Sachs recently revised upwards its growth forecast for India for fiscal 2020-21 to a 10.3 per cent contraction from minus 14.8 per cent it had projected in September. In a report, the investment bank projected India’s gross domestic product (GDP) to rebound to 13 per cent in the next scale compared with 15.7 per cent estimated earlier.
“A pivotal assumption for our 2021 India growth outlook is broad-based availability of an effective vaccine, which could allow containment policies and mobility to normalize fully by mid-2022,” said Jonathan Sequeira and Andrew Tilton, economists at Goldman Sachs, in the report.Goldman Sachs recently revised upwards its growth forecast for India for fiscal 2020-21 to a 10.3 per cent contraction from minus 14.8 per cent it had projected in September. In a report, the investment bank projected India's gross domestic product (GDP) to rebound to 13 per cent in the next scale compared with 15.7 per cent estimated earlier.#
This should allow a meaningful activity rebound in 2021, particularly in consumer-facing services sectors, where activity remains significantly below pre-COVID levels, Indian media reported citing the report.
The latest revision marks the second such upgrade in India’s performance in this fiscal by a global institution.
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