According to the rating agency ICRA Indian GDP growth in the fiscal year, 2022 will be 8.5%. The year-on-year growth of GDP and GVA (Gross Value Added) will remain 8.5% & 7.3% respectively. ICRA is expecting the GDP growth will exceed the GVA by 120 points due to the value of the taxes & subsidy on products. ICRA also considered the food subsidies which is given by the Government of India. ICRA said that the Second COVID wave will impact consumer sentiment.