Expecting a quick recovery in the economy, S&P raises GDP growth rate for FY21

S&P boosts GDP growth

Amid a nationwide epidemic, the country’s economy fell sharply by 2% to 9% of GDP, but the economy improved in the September quarter.

  • News18
  • Last updated:
    December 1, 2020, :: PM0 IST

New Delhi: Amid a nationwide epidemic, the country’s economy fell sharply by 239.9% of GDP, but the economy improved in the September quarter. India’s growth rate has been better than expected. Meanwhile, global ratings agency S&P Global (S&P Global) on Tuesday raised India’s growth forecast for the current fiscal year 2021 from (-) percent to (-) 7.7 percent.

Released by S&P

A press release has been issued by S&P. According to the statement, rising demand and declining transition rates have changed our perception of the Kovid outbreak in the Indian economy. S&P Global Ratings revised real GDP growth for the fiscal year ending March 2021 from minus 9 percent to minus 7.7 percent.

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We tell you that S&P has projected a GDP growth rate of 10 percent in the coming fiscal year 2021-22. The rating agency said India has learned to live with the virus. In addition, there has been a significant decline in cases of infection.

It was in the April-June quarter

The rating agency estimates that the country’s economy will continue to grow at a similar pace in the next quarter. The agency believes that this economic growth could be 10% in the next fiscal year. In the June-June quarter, India’s GDP was 23.9 percent.

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Sean Roche, chief economist at S&P Global Ratings Asia-Pacific, said, “India’s manufacturing sector is also improving rapidly, based on most of the economies in the Asia-Pacific Ocean.”

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