Govt. focus on infrastructure, exports to propel growth: UBS
The Hindu
‘Oct.-March to see momentum as vaccination numbers rise’
The government’s push towards boosting capital expenditure, especially on infrastructure, its focus on manufacturing and on exports could result in the next set of growth drivers, UBS Securities said in a report. “We maintain our base case estimate of India’s real GDP growth at 8.9% YoY in FY22 (consensus: 9.2%),” Tanvee Gupta Jain, Chief India Economist, UBS Securities said in a statement. “In our view, the government’s push towards boosting capex, especially on infrastructure, focus on manufacturing and exports could be the next growth drivers. Our Activity Indicator suggests economic activity rebounded in the September quarter,” she added. In the near term, growth is expected to gain momentum between October and March on cyclical tailwinds including pent-up demand, largely led by contact-intensive services, especially after more people are vaccinated, as per the report. Besides, favourable external demand and higher government spending (likely towards capex) would aid growth.
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