The GDP growth in April-June quarter this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year.
State Bank of India has developed the 'Nowcasting Model' with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy.
"We expect a decline in economic activity in the April-June quarter, followed by a rebound, resulting in real, inflation-adjusted GDP growth of 9.3 per cent in the fiscal year ending March 2022 and 7. 9 per cent in fiscal 2022-23," Moody’s Investors Service said
S&P, which currently has a 'BBB-' rating on India with a stable outlook, said the depth of the Indian economy's deceleration will determine the hit on its sovereign credit profile.
Last week another global rating agency Fitch had projected India's economic growth in current fiscal at 12.8 per cent, while Moody's Investors Service had earlier this month said that the second wave of COVID infections presents a risk to India's growth forecast, but a double digit GDP growth is likely in 2021.
The Indian economy is projected to grow at 11 per cent in the current financial year amid the "strong" vaccine drive, said ADB on Wednesday, while cautioning that the recent surge in COVID cases may put the country's economic recovery at "risk".
The IMF on Tuesday projected an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic.
India has officially exited the technical recession phase that was brought about by the Covid-19 pandemic, as the country's Q3FY21 GDP grew by 0.4 per cent, official data showed on Friday. The National Statistical Office (NSO) data on Friday showed that the Q2FY21 GDP on a year-on-year basis contracted by 7.3 per cent from (-)24.4 per cent in the preceding quarter.
The document which was tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha in its debt simulations for worst-case debt analysis assumed the contraction at (-) 7.7 per cent.
Fitch said India's coronavirus-induced recession has been among the most severe in the world, amid a stringent lockdown and limited direct fiscal support.
India's GDP growth is expected to be at (-) 7.4 per cent in FY21 on better than projected recovery, said a SBI research report, upgrading its earlier forecast of (-) 10.9 per cent. The report also believes that it would take seven quarters from the fourth quarter of FY21 for GDP to reach the pre-pandemic level in nominal terms.
Addressing a virtual event organised by the Global Alliance for Mass Entrepreneurship (GAME), Kant said credit scenario in India in recent years for a greater part has been seen as a drag on the economy.
In September, Fitch had sharply lowered its forecast for India's gross domestic product (GDP) to a contraction of 10.5 per cent in current fiscal 2020-21 (FY21) versus its previous estimate of 5 per cent contraction.
Moody's Investors Service on Thursday revised upwards its GDP forecasts for India to (-) 8.9 per cent contraction in the 2020 calendar year, as the economy reflates after a long and strict nationwide lockdown but said the recovery is patchy.
The International Monetary Fund in its annual World Economic Outlook significantly downgrades India's growth for the fiscal year 2020 to minus 10.3 pe
Gandhi also shared a graph citing its source as the International Monetary Fund's World Economic Outlook report which showed Bangladesh closing in on India and almost catching up with it in terms of per capita GDP this year. "Solid achievement of 6 years of BJP's hate-filled cultural nationalism: Bangladesh set to overtake India," Gandhi said in a sarcastic tweet accompanied by clapping emojis.
The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years.
RBI board member Manish Sabharwal, who is the chairman of Teamlease Services, also said the country needs immediate reforms in banking, compliance, labour laws and education because "hope is not a strategy".
Domestic rating agency India Ratings and Research on Tuesday revised downward the country's FY21 GDP growth forecast to (-) 11.8 per cent, lowest in Indian history. The agency, however, expects the economy to grow at 9.9 per cent in FY22 helped mainly by the weak base of FY21.
The Gross Domestic Product (GDP) had grown by 5.2 per cent in the corresponding quarter of FY2019-20. In the quarter just preceding Q1 FY21, the economic growth was at 3.1 per cent. The country had observed mobility restrictions as mandated under the lockdown measures for the better part of the first quarter of FY21.
Top News
Latest News
