India growth News
In the first quarter of current fiscal India's GDP contracted by a massive 23.9 percent. Fitch said India recorded one of the sharpest GDP contractions in the world in the April-June quarter. For the next fiscal, Fitch estimated Indian economy to grow 11 per cent, while for 2022-21 growth would be 6 percent.
Moody's said medium-term growth and fiscal challenges pose downside risks. Increased stress within the financial system raises contingent liability risks to the sovereign. Lingering fragilities in the sector are likely to be compounded by a prolonged period of subdued economic activity compared to pre-coronavirus levels
Global growth is projected at (-) 6.0 per cent in the single hit scenario and (-) 7.6 per cent in the double hit scenario. India’s growth is projected at (-) 3.7 per cent and (-) 7.3 per cent, respectively, in 2020-21. It expected headline inflation to remain elevated in Q2:2020-21, but likely to ease in H2:2020-21, aided by favourable base effects.