New Delhi:
Moody’s Traders Service on Friday slashed India’s GDP projection to -11.5 per cent for the present fiscal 12 months, from -Four per cent estimated earlier. It mentioned the nation’s credit score profile is more and more constrained by low development, excessive debt burden and weak monetary system, with these dangers exacerbated by the coronavirus pandemic.
“Mutually reinforcing dangers from deeper stresses within the financial system and monetary system may result in a extra extreme and extended erosion in fiscal power, exerting additional stress on the credit score profile,” Moody’s mentioned, whereas projecting an 11.5 per cent contraction for the nation’s this fiscal 12 months.
For 2021-22, it projected the financial system to clock a development of 10.6 per cent.
Earlier this week, one other rankings company, Fitch, projected a 10.5 per cent contraction for the financial system this fiscal 12 months.
Home businesses Crisil and India Rankings have projected the financial system to contract 9 per cent and 11.eight per cent respectively.
