India’s economic system contracted by 7.3 per cent in fiscal 2020-21.
Moody’s Investors Service on Tuesday pegged India’s GDP progress at 9.3 per cent within the present fiscal ending March 2022 and seven.9 per cent within the subsequent monetary yr.
“The reimposition of lockdown measures along with behavioural changes on fear of contagion will curb economic activity, but we do not expect the impact to be as severe as during the first wave.
“We anticipate a decline in financial exercise within the April-June quarter, adopted by a rebound, leading to actual, inflation-adjusted GDP progress of 9.3 per cent within the fiscal yr ending March 2022 and seven.9 per cent in fiscal 2022-23,” it said.
India’s economy contracted by 7.3 per cent in fiscal 2020-21.
The pandemic, it said, will leave new economic scars and deepen pre-pandemic constraints.
“Over the long term, we anticipate actual GDP progress to common round 6 per cent,” it mentioned.
