Moody s revises India s growth projection to 13.7% for FY22; expects contraction of 7% this fiscal
The agency had said late last year that conditions will improve for Indian corporates next yearPremium
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The very large rebound incorporates the view that recovery in market activity will continue
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Rating agency Moody s on Thursday upped India s growth projection for the next financial year, beginning 1 April, to 13.7% from 10.8% estimated earlier.
The revised numbers came on the back of normalisation of activity and growing confidence in the market with the rollout of Covid-19 vaccines.
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Moody s Investors Service Associate Managing Director (Sovereign Risk) Gene Fang said our current expectation is that in the current fiscal ending March 2021, the economy would contract 7 per cent. We expect a rebound of 13.7 per cent growth in the next fiscal on normalisation of activity and base effects.
ICRA Principal Economist Aditi Nayar said it expects 0.3 per cent growth in the third quarter (October-December) of current fiscal.
Global rating agency Moody’s raised its growth expectations for the Indian economy to 13.7% for the coming fiscal against 10.8% it had projected in October, while moderating the expected contraction for FY21 to 7% from -10.6% earlier.
For current fiscal, the US-based rating agency expects the economy to contract 7 per cent, lower than its previous estimate of 10.6 per cent contraction.
Read more about Moody s projects 13.7% growth in FY22, expects 7% contraction this fiscal on Business Standard. Moody s on Thursday upped India s growth projection for the next financial year beginning April 1
Indian economy contracted for two consecutive quarters of June and September this fiscal, thereby entering into recession. Contraction was 23.9 per cent and 7.5 per cent respectively., , indian economy, CPSE privatisation, COVID-19 Vaccine, Investors Service Associate