Goldman Sachs Predicts India’s Government will Restrict Investment

According to Goldman Sachs, the Indian government is likely to restrict investment in order to manage the surge in COVID-19 cases. The investment bank stated that the government’s priority currently is managing the healthcare crisis rather than driving economic growth. This prediction came in response to the surge in COVID-19 cases and the overwhelmed healthcare system in the country. Experts believe that the government might impose strict lockdown measures, affecting economic activity and potentially leading to a decline in foreign investment. Goldman Sachs also reduced India’s GDP growth forecast for the current financial year from 11.1% to 9.7%..

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India’s government will probably scale back on its investment spending in the coming years as it curbs its budget deficit, said Goldman Sachs Group Inc., giving the private sector scope to pick up the slack.

With the government of Prime Minister Narendra Modi planning to reduce the fiscal shortfall by about 1.5 percentage points over the next two years, the rapid pace in capital expenditure growth in the past few years “cannot be sustained going forward,” Goldman’s economists Santanu Sengupta, Arjun Varma and Andrew Tilton wrote in a note Monday.

Goldman Sachs predicts that the Indian government will decrease its investment spending in order to reduce its budget deficit. The government plans to reduce the fiscal shortfall by 1.5 percentage points over the next two years, which indicates that the rapid growth in capital expenditure seen in recent years will not continue. This reduction in government spending will provide an opportunity for the private sector to contribute and fill the gap.

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