S&P Global Ratings has projected the GDP of India to contract by 9% in the fiscal year 2020-21 (FY21), as against its previous estimate of a 5% contraction, due to the impact of the COVID-19 pandemic. For the FY22 (2021-22), S&P expects GDP growth of 6% and for the FY23 (2022-23), GDP growth is projected at 6.2%.
Important takeaways for all competitive exams:
- S&P Global Ratings Headquarters: New York, United States.
- President of S&P Global Ratings: John Berisford.