Moody’s projects India’s GDP to contract 7% in FY21

  • The US-based rating agency Moody’s has revised its growth projection for India, and now expects the economy to contract 7 per cent in fiscal 2020-21 (FY21). This is lower than its previous estimate of 10.6 per cent contraction.
  • For the next financial year, FY22, beginning April 1, Moody’s has projected the economy to grow to 13.7 per cent, as compared to 10.8 per cent estimated earlier.