S&P expects India's economy to contract 9% in fiscal 2021
4 years, 3 months ago

S&P expects India's economy to contract 9% in fiscal 2021

India Today  

S&P Global Ratings said on Monday that it was expecting India's economy to shrink by 9% in the fiscal year ending March 31, 2021, larger than its previous estimate of a 5% contraction, as the country reels under the impact of the COVID-19 pandemic. S&P's latest revision comes three months after it made its projection on India's real GDP for fiscal 2021. "The potential for further support monetary support is curbed by India's inflation worries," said Vishrut Rana, Asia-Pacific economist for S&P Global Ratings. Retail inflation data, due later in the day, is likely to have stayed above the Reserve Bank of India's medium-term target range in August for the fifth straight month, according to a Reuters poll.

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