New Delhi, Feb 10 (TIWN) India's gross domestic product (GDP) growth will bounce back to 10.4 per cent year-on-year (YoY) in FY22, primarily driven by the base effect, said India Ratings and Research (Ind-Ra).

Accordingly, the ratings agency's estimates showed that after recording negative growth during 9MFY21, GDP growth will finally turn positive at 0.3 per cent YoY in 4QFY21.   "Although the recovery in FY22 on a YoY basis will be V-shaped, the size of the GDP will barely surpass the level attained in FY20 and will be 10.6 per cent lower than the trend value."  "The impact of Covid-19 pandemic and lockdown on the economy, although subsiding, will continue to delay the normalisation of economic activities in the contact-intensive sectors till the mass vaccination or herd immunity becomes a reality."