India's electricity demand is projected to increase year over year in the fourth quarter of this fiscal year, according to India Ratings and Analysis.
This is significant because energy consumption, especially electricity and refinery products, is usually linked to overall economic demand.
Fitch revised India's economic growth forecast for FY22 to 12.8%, citing a stronger carryover impact, a looser fiscal stance, and strengthened virus containment in its Global Economic Outlook. India's GDP is expected to rise by 12% in 2021, according to Moody's Analytics.
A report released on Friday which stated that, “Despite partial lockdowns in some states due to a rise in COVID 19 cases, all-India energy demand is expected to be higher in 4QFY21 on a YoY basis."
It also added that, "All-India energy demand increased 0.2% YoY to 104.6 billion units in February 2021 (January 2021: up 5.0%; December 2020: up 4.9%)"
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