In the midst of the second wave of Kovid-19 conversion in India, Wall Street broker Goldman Sachs lowered India’s growth forecast for the current fiscal year 2021-22 from 10.9 per cent to 10.5 per cent. In addition, brokers have reduced stock markets and earnings estimates.
Covid-19 cases in India are reaching new records every day. At the same time, the lockdown is increasing in different states. In a detailed note released on Tuesday, economists at Goldman Sachs, led by Sunil Kaul, said concerns were mounting due to epidemic cases coming on record and strict lockdowns imposed by several major states. Because of this, investors are worried about macroeconomic and earnings improvements.
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Goldman Sachs has lowered India’s real GDP growth forecast for 2021 from 10.9 per cent to 10.5 per cent. The brokerage company estimates that it will also affect the June quarter growth. In addition, Goldman Sachs has reduced its earnings growth forecast from 27 percent to 24 percent in 2021. The broker forecasts that revival will resume by July after the sanctions have been relaxed and the vaccination has accelerated. The note notes that a crisis of confidence is also visible in the stock markets.
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On Monday alone, the Nifty lost 3.5 per cent. Goldman Sachs cut its second quarter of June growth. However, they have not provided any data on this. However, the note assured that the total impact of all these matters would be negligible as points were imposed in some areas.
