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.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines