Moody's pegs India GDP growth at 9.3% in FY22; pandemic to leave new economic scars

PTIUpdated: Tuesday, June 01, 2021, 11:03 AM IST
article-image
The pandemic, Moody's said, will leave new economic scars and deepen pre-pandemic constraints. |

Moody’s Investors Service on Tuesday pegged India's GDP growth at 9.3 percent in the current fiscal ending March 2022 and 7.9 percent in FY23.

"The reimposition of lockdown measures along with behavioural changes on fear of contagion will curb economic activity, but we do not expect the impact to be as severe as during the first wave.

"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 percent in the fiscal year ending March 2022 and 7.9 percent in fiscal 2022-23," it said.

India's economy contracted by 7.3 percent in fiscal 2020-21.

The pandemic, it said, will leave new economic scars and deepen pre-pandemic constraints.

"Over the longer term, we expect real GDP growth to average around 6 percent," it said.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Punjab: Free power scheme to cost Bhagwant Mann-govt Rs 1.8K crore more

Punjab: Free power scheme to cost Bhagwant Mann-govt Rs 1.8K crore more

Watch Video: Alfa Romeo's Zhou Guanyu involved in massive crash in F1 British GP

Watch Video: Alfa Romeo's Zhou Guanyu involved in massive crash in F1 British GP

Goa court grants bail to 2 NCP workers held from resort where rebel Sena MLAs were lodged

Goa court grants bail to 2 NCP workers held from resort where rebel Sena MLAs were lodged

WATCH: Telangana people paving way for BJP's double-engine govt, says PM Modi at 'Vijay Sankalpa...

WATCH: Telangana people paving way for BJP's double-engine govt, says PM Modi at 'Vijay Sankalpa...

Watch Video: Virat Kohli blows a kiss towards centurion Jonny Bairstow after the England batsman's...

Watch Video: Virat Kohli blows a kiss towards centurion Jonny Bairstow after the England batsman's...