Expecting a faster recovery in the economy, S&P raises GDP growth rate for FY21

S&P boosts GDP growth

The country’s economy has seen a nearly 23.9 per cent decline in GDP during the outbreak of the epidemic, but the economy has improved in the September quarter.

  • News18
  • Last updated:
    15 December 2020, 9:50 PM IST

New Delhi: The country’s economy has seen a nearly 23.9 per cent decline in GDP during the outbreak of the epidemic, but the economy has improved in the September quarter. India’s growth rate is better than expected. Meanwhile, global rating agency S&P Global on Tuesday upgraded India’s growth forecast for the current financial year 2021 from (-) 9 per cent to (-) 7.7 per cent.

S&P released the statement

S&P has issued a statement. “Rising demand and declining transition rates have changed our outlook for the Indian economy,” the statement said. S&P Global Ratings improved real GDP growth for the fiscal year ended March 2021 from a negative nine percent to a negative 7.7 percent.

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Let us know that S&P has projected a GDP growth rate of 10 per cent in the next financial year 2021-22. The rating agency says India has learned to live with the virus. In addition, there has been a significant reduction in the number of infections.

It was in the April to June quarter

The rating agency predicts that the country’s economy will continue to grow at the same pace in the next quarter. The agency believes the growth will be 10% in the next financial year. In the April-June quarter, India’s GDP grew by 23.9 per cent.

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Sean Roche, chief economist at S&P Global Ratings Asia-Pacific, said, “India’s manufacturing sector is also improving rapidly, in line with most of the economies in the Asia-Pacific region.”

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