Credit rating agency ICRA has said that India’s GDP is likely to maintain a 9 percent growth rate in fiscal 2022 and 2023, amid concerns over the Omicron variant of COVID-19. The country’s economy grew at 8.4 percent in the second quarter of the current fiscal, as against a growth of 20.1 percent in the April-June quarter.

ICRA’s Chief Economist Aditi Nayar expects the expansion in fiscal 2023 to be more meaningful and tangible than the base effect-led rise in 2022 fiscal.