S&P revises India’s GDP contraction forecast in FY21 to 7.7%

S&P Global Ratings (previously Standard & Poor’s) has raised India’s GDP growth projection for the FY21 (2020-21) to – 7.7 per cent from – 9 per cent estimated earlier. The lower contraction rate is based on rising demand and falling COVID infection rates. The US-based S&P rating agency has projected India’s growth to rebound to 10 per cent in the next fiscal, i.e. 2021-22 (FY22).

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