Global rating agency Standard & Poor's (S&P) said India is on track for an economic recovery in the fiscal year ending March 2022 with consistently good performance in agriculture, a flattening of the Covid-19 infection curve, and a pick-up in government spending are all supporting the economy. However, the economy still faces major risks as it transitions from stabilisation to recovery. India faces a permanent loss of output versus its pre-pandemic path, suggesting a long-term production deficit equivalent to about 10 per cent of Gross Domestic Product (GDP). India needs many things to be right for its recovery to continue. Most significantly, the country needs to quickly and thoroughly vaccinate most of its 1.4 billion people, S&P, in a report titled, "Cross-Sector Outlook: India's Escape From Covid," said.