GDP growth to bounce back to 10.4% YoY in FY22 - India Ratings India-Ratings expects the industrial and services sector to grow at 11.5% and 11.4% YoY, respectively, in FY22. February 10, 2021 / 12:34 PM IST India Ratings and Research on Wednesday said it estimates the gross domestic product (GDP) growth to bounce back to 10.4% year on year (YoY) in FY22, driven by the base effect. "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% 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/herd immunity becomes a reality," the agency said.