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S&P raises FY21 growth forecast to 7.7% contraction

For FY22, S&P projected growth to rebound to 10 per cent. Its revision in growth forecast for the current fiscal reflects a faster-than-expected recovery in the September quarter.

By: ENS Economic Bureau | New Delhi | December 16, 2020 3:32:04 am
India’s gross domestic product (GDP) fell 7.5 per cent in the July-September quarter, against a contraction of 23.9 per cent in the April-June quarter.

S&P Global Ratings on Tuesday raised India’s growth projection for the current financial year to (-)7.7 per cent from (-)9 per cent estimated earlier on rising demand and falling Covid cases.

For FY22, S&P projected growth to rebound to 10 per cent. Its revision in growth forecast for the current fiscal reflects a faster-than-expected recovery in the September quarter.

“Rising demand and falling infection rates have tempered our expectation of Covid’s hit on the Indian economy. S&P Global Ratings has revised real GDP growth to negative 7.7 per cent for year ending March 2021, from negative 9 per cent,” S&P said.

India’s gross domestic product (GDP) fell 7.5 per cent in the July-September quarter, against a contraction of 23.9 per cent in the April-June quarter.

Earlier this month, Fitch Ratings also revised its growth forecast for India to (-)9.4 per cent, from (-)10.5 per cent, on signs of economic revival, while ADB said the economy is likely to contract 8 per cent as against 9 per cent earlier.

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