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As the second wave of COVID-19 engulfs India, resulting in more lockdowns and curtailed economic activity, agencies have revised downwards India s FY22 GDP forecast by up to 2 per cent
OECD pegs India s FY22 GDP growth at 12.6%, fastest in the world
The Paris-based grouping of developed economies raised the projection for the country s economic growth rate by 4.7 percentage points from 7.9% pegged in December 2020
BusinessToday.In | March 10, 2021 | Updated 14:57 IST
The OECD noted that the COVID-19 vaccine production in India is super encouraging , but the distribution speed will be crucial for recovery
India s GDP (Gross Domestic Product) growth is expected to bounce sharply to 12.6% in FY22 cushioned by solid fiscal and quasi-fiscal measures, making it the fastest-growing economy in the world, the Organization for Economic Co-operation and Development (OECD) said in its interim economic outlook report.
The Indian economy is expected to grow 13.7 per cent in the financial year 2021-22 (FY22), registering a strong rebound from a 7 per cent contraction this fiscal year, said Moody’s on Thursday, adding the country’s fiscal position would remain weak in 2021, posing a key credit challenge. Moody’s had in November last year projected the economy to contract 10.6 per cent in FY21 and return to growth of 10.8 per cent in FY22. The upgrade in growth forecast comes on the back of normalisation of activity and growing confidence in the market with the rollout of Covid-19 vaccine. On fiscal consolidation, the global rating agency said the prospects remain weak, particularly given the government’s mixed track record of implementing revenue-raising measures.