India Ratings revises FY21 GDP growth projection to negative 11.8 per cent, But Recover in FY22. India’s economy is projected to contract 11.8% on the year in the current fiscal year beginning from April, before bouncing back in the next fiscal, India Ratings and Research, a domestic arm of ratings agency Fitch.
The India’s economy is projected to contract 11.9 per cent in the current quarter, followed by a contraction of 6.7 per cent in the December quarter, and 5.4 per cent in the subsequent quarter, Mr Sinha said, citing the adverse impact of coronavirus pandemic.
Earlier, India Ratings had projected the economy would contract 5.3%.
India’s economy shrank 23.9% in the quarter from April to June, much more than forecast, in a sign that recovery could be longer than expected, with analysts urging further stimulus.
About India Ratings:
India Ratings and Research (Ind-Ra) is India’s most respected credit rating agency committed to providing India’s credit markets accurate, timely and prospective credit opinions. Ind-Ra is a 100% owned subsidiary of the Fitch Group.
Expected Questions for Competitive Exams:
- Who is the Chief Rating Officer at India Ratings & Research – Venkataraman Rajaraman
- India Ratings & Research is a 100% owned subsidiary of which group – Fitch
- Who is the CEO of Fitch – Paul Taylor
- Recently, Fitch revises India GDP forecast for FY21 from -5% to: -10.5%
- World Bank forecast India’s GDP for FY21 by How much Percent? – 3.2%
- Recently, The Global Rating Agency Moody’s lowered its estimates of India’s GDP in 2020 by how much percent? – 3.1%
- Headquarters of Moody’s located at –New York, USA
- As per SBI Research, India’s Economy will contract by how much percent in FY21 – 6.8%
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