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S&P Global Ratings has retained its forecast of 9 per cent contraction in the Indian economy for this fiscal, saying even though there are now upside risks to growth but it will wait for more signs that COVID-19 infections have stabilised or fallen. S&P, in its report on Asia Pacific, projected the Indian economy to grow at 10 per cent in the next fiscal.
“We retain our growth forecast of negative 9 per cent in fiscal 2020-2021 and 10 per cent in fiscal 2021-2022. While there are now upside risks to growth due to a faster recovery in population mobility and household spending, the pandemic is not fully under control,” S&P said.
“We will wait for more signs that infections have stabilised or fallen, together with high-frequency activity data for the fiscal year third quarter, before changing our forecasts,” the ratings organisation was quoted as saying by a news agency.
Fibre2Fashion News Desk (DS)
S&P Global Ratings has retained its forecast of 9 per cent contraction in the Indian economy for this fiscal, saying even though there are now upside risks to growth but it will wait for more signs that COVID-19 infections have stabilised or fallen. S&P, in its report on Asia Pacific, projected the Indian economy to grow at 10 per cent in the next fiscal.