MUMBAI: The Brickwork Ratings Home Board on Monday revised its gross domestic product (GDP) forecast of 10-10.5 percent in the 2021-22 fiscal year. In the past, the Treasury has shown growth of 9 percent. The commission said a number of signs of economic growth were showing a faster recovery than expected. “We are also reviewing our GDP growth in FY 2021-22 to 10-10.5% from the previous 9%,” the credit bureau said in a report released Monday.

The agency is showing growth in GDP for the second phase of FY 2021-22 at 8.3 percent (annually) compared to a decrease of 7.4 percent in the first phase of FY 2020-2021. The country’s GDP grew at a rate of 20.1 per cent in the first quarter of the 2021-22 financial year. The commission hopes that the next phase will see a change if the third wave does not come.

The report said that based on the speed of vaccination, the effects of exposure to third waves on growth are minimal. However, growth rates could be affected by rising oil prices, salts, higher commodity prices, lower coal prices, and much more, it said.