S&P cuts India’s growth forecast to 5.2% in 2020

S&P Global Ratings has reduced India’s economic growth forecast to 5.2% for financial year 2020. The economic growth forecast was earlier forecasted at 5.7%. The rating agency stated that the global economy is entering a recession amid the coronavirus pandemic.

Along with S&P, Moody’s and Organisation for Economic Co-operation and Development (OECD) has also reduced their growth projections for India. Moody’s has lowered growth projections for India for financial year 2020 to 5.3%. While, Organisation for Economic Co-operation and Development (OECD) has lowered growth projections for India for financial year 2020 to 5.1%.

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