The economic growth in the last fiscal is likely to be lower than 8.9 per cent projected in the second advance estimates of the National Statistics Office (NSO), analysts said.

Revised NSO numbers will be released on May 31. Growth for FY22 (2021-22) is projected at 8.2-8.5 per cent by State Bank of India's (SBI) research report Ecowrap.

The report projected 2.7 per cent growth in the fourth quarter of the last fiscal.

The NSO revised downwards the growth estimates to 8.9 per cent for FY22 in the second advance estimate from 9.2 per cent estimated in January, amidst fears the final numbers would be further lower becasue of the third wave of Covid-19 and soaring costs in the wake of Russia’s invasion of Ukraine.

In the first three quarters of 2021-22, the economy grew 20.3 per cent, 8.5 per cent and 5.4 per cent respectively. The economy had contracted 7.3 per cent in FY21.

Moody’s Investors Service slashed India’s economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high inflation.

“We are projecting GDP growth for FY22 at 8.5 per cent and Q4 FY22 at 2.7 per cent. We however believe the GDP projection for Q4 FY22 is clouded by significant uncertainties. For example, even a 1 per cent downward revision in Q1 GDP estimates of FY22 from 20.3 per cent, all other things remaining unchanged could push Q4 GDP growth to 3.8 per cent,” Soumya Kanti Ghosh, group chief economic adviser, SBI said.