Moody’s cuts down India’s Gross Domestic Product(GDP) growth to “zero” for the current fiscal 2020-21. Its previous estimate was 2.6%. In 2021-22 India’s GDP growth rate will bounce back to 6.6%. The negative outlook reflects an increase in risk that economic growth remains significantly lower than in the past & is triggered by COVID-19. The weakening of fiscal metrics could lead to a downgrade, which will affect investment flow in India.
Important takeaways for all competitive exams:
- Headquarters of Moody’s: NewYork, United States.
- President & CEO of Moody’s: Raymond W. McDaniel, Jr.