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India GDP outlook: S&P retains growth forecast at -9% for FY21

S&P, in its report on Asia Pacific, projected the Indian economy to grow at 10 percent in the next fiscal.

November 30, 2020 / 04:47 PM IST

S&P Global Ratings on Monday retained its forecast of 9 percent contraction in the Indian economy for the current fiscal, saying even though there are now upside risks to growth but it will wait for more signs that COVID infections have stabilised or fallen.

S&P, in its report on Asia Pacific, projected the Indian economy to grow at 10 percent in the next fiscal.

"We retain our growth forecast of negative 9 percent in fiscal 2020-2021 and 10 percent in fiscal 2021-2022. While there are now upside risks to growth due to a faster recovery in population mobility and household spending, the pandemic is not fully under control."

"We will wait for more signs that infections have stabilised or fallen, together with high-frequency activity data for the fiscal year third quarter, before changing our forecasts,” S&P said.