The right economy is slowly returning to the country. Explain that global rating agency Moody’s has revised India’s growth forecast for the next financial year 2021-22. Moody’s estimates that India’s economy will grow at a growth rate of 13.7 percent in the next financial year.
Last year, the country’s economy collapsed badly due to the lockdown caused by the Corona crisis. But now slowly the economy started returning to the track and there are also signs of improvement in the country’s economic condition.
Global rating agency Moody’s has revised India’s growth forecast for the next financial year, according to which the economy is being said to be improving. Let us tell you that Moody’s has increased India’s economic growth forecast for the next financial year from 10.8 per cent to 13.7 per cent.
Moody’s had earlier estimated that the growth of the Indian economy could be 10.8 per cent in 2021-22. But now after the Chahal initiative in the market and the Corona vaccination program started, Moody’s had to revise this estimate too.
Moody’s also revised its estimate for the current financial year
Let us know that for the current financial year too, Moody’s has revised its estimate. In fact, Moody’s had also predicted for the current financial year 2020-21 that India’s economy could shrink at a rate of 10.6 per cent. But now the same global rating agency Moody’s has also had to amend its estimate according to which the Indian economy may be shrinking at the rate of 7 percent.
Increased confidence in the market due to the introduction of vaccination in India
Significantly, in this regard, Moody’s Investors Service Associate Managing Director Jean Fang has said that economic activity has become normal and due to this base effects, Moody’s has had to revise his estimate.
Let us know that Jean Fang has said this in a virtual event organized by Independent Credit Rating Agency on India Credit Outlook 2021. He also said that due to the increasing trust in the market due to the Corona vaccination campaign started in India, economic activities have come back on track.
Chief Economist of ICRA forecasts 0.3% growth in current fiscal
Meanwhile, ICRA chief economist Aditi Nair has projected a growth of 0.3% in the third quarter of the current financial year 2020-21. He projected a 7% contraction in real GDP in the current financial year. However, actual growth will reach 10.5% in the next financial year.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.