: Ratings agency S&P lowers India’s growth projection to 9.5% from 11% for 2021-’22 #IndiaNEWS Ratings agency S&P Global Ratings on Thursday lowered India’s growth forecast for the financial

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Ratings agency S&P lowers India’s growth projection to 9.5% from 11% for 2021-’22 #IndiaNEWS
Ratings agency S&P Global Ratings on Thursday lowered India’s growth forecast for the financial year 2021-2022, to 9.5%, from the earlier projected 11%. The ratings agency lowered the growth projection as a result of the lockdowns imposed in several states amid the second wave of Covid-19 in April and May.“The lockdowns were more targeted compared with the blanket national lockdown seen last year but were still enough to lower discretionary mobility to more than 60% below normal,�? S&P said in a research note.The agency also flagged the risk of “further pandemic waves�?, noting that only about 15% of the population has received at least one dose of the coronavirus vaccine.India’s Gross Domestic Product contracted by an unprecedented 7.3% in the previous financial year, 2020-’21, hit by the pandemic and a nationwide lockdown that disrupted economic activities. Growth rate was initially estimated to be in double digits for this fiscal year, but the second wave of pandemic has prompted a downward revision from various agencies.On Wednesday, ratings agency Moody’s Investors Service lowered its growth forecast for India to 9.6%, from the earlier estimate of 13.9%, Moneycontrol reported. Moody’s said faster vaccination progress will be important in restricting economic losses to the current quarter (April-June). Earlier this month, the World Bank cut its growth projection to...Read more

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