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

New Delhi, December 15

S&P Global Ratings on Tuesday raised India’s growth projection for the current financial year to (-) 7.7% from (-) 9% estimated earlier on rising demand and falling Covid rates.

For the next financial year 2021-22, S&P projected growth to rebound to 10%. Its revision in growth forecast for the current fiscal reflects a faster-than-expected recovery in the September quarter.

“Rising demand and falling infection rates have tempered our expectation of Covid’s hit on the Indian economy. S&P Global Ratings has revised real GDP growth to negative 7.7% for the year ending March 2021, from negative 9% previously,” S&P said. — PTI