S&P Projects India’s Growth Forecast for FY22 to 9.5%

 

S&P Global Ratings cut India’s FY22 growth forecast for the current fiscal to 9.5 per cent, from 11 per cent earlier, and warned of the risk to the outlook from further waves of COVID pandemic. It also projected India’s growth at 7.8 per cent in the next fiscal ending March 31, 2023.

The agency lowered the growth outlook saying that a severe second COVID-19 outbreak in April and May led to lockdowns imposed by states and a sharp contraction in economic activity.