New covid restrictions slowing India's economic growth: HSBC

New restrictions in India due to rising Covid-19 cases could lower the nation’s economic growth by about a quarter of a percentage point in the current fiscal year, according to HSBC Holdings Plc. “Economic cost will be there, but hopefully it will just be about a third or lower than the economic cost of previous waves," HSBC economist Pranjul Bhandari said Friday in an interview with Haslinda Amin and Rishaad Salamat on Bloomberg TV. “For the full year ending March 2022, GDP growth could be 25 basis points lower than we had earlier estimated."
India is due to release its first official estimate for annual GDP later Friday, which a Bloomberg survey of economists is forecast to show an expansion of 9.3%. That’s slower than the 9.5% growth projected by the Reserve Bank of India, as well as the International Monetary Fund.