S&P said- situation is not improving, economy now forecast 9% decline. S&P Global Ratings has forecast a 9 percent decline in the Indian economy in the current financial year. Earlier, the rating agency had forecast a 5 per cent decline in the Indian economy.
S&P said- situation is not improving, economy now forecast 9% decline
Rating agency S&P on Monday lowered India’s growth forecast for 2020-21 to minus 9 percent. According to S&P Global Ratings Asia-Pacific economist Rana, private economic activity has not picked up due to the Corona crisis. Because the cases of corona are constantly increasing.
The US rating agency says that due to this epidemic, private spending and investment in India will remain at a low level for a long time. Earlier, S&P had projected a 5 per cent decline in the Indian economy. According to the rating agency, in the first quarter of the current financial year, GDP has registered a decline of 23.9 percent, which is more than expected.
The rating agency says that despite the relaxation of the lockdown, people are avoiding leaving the house, because the corona cases are increasing. The rating agency said that until the corona is controlled, there is no hope of a rapid revival in the economy.
Prior to this, rating agencies Moody’s and Fitch have also lowered India’s growth forecast. Moody’s has forecast a decline of 11.5 percent in the Indian economy and 10.5 percent in the current financial year.