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S&P Global Ratings on Wednesday slashed India s GDP growth forecast for the current financial year to 9.8 per cent saying the second COVID wave may derail the budding recovery in the economy and credit conditions. The US-based rating agency in March had a 11 per cent GDP growth forecast for India for the April 2021-March 2022 fiscal on account of a fast economic reopening and fiscal stimulus. S&P, which currently has a BBB- rating on India with a stable outlook, said the depth of the Indian economy s deceleration will determine the hit on its sovereign credit profile. The Indian government s fiscal position is already stretched. The general government deficit was about 14 per cent of GDP in fiscal 2021, with net debt stock of just over 90 per cent of GDP. ....
The agency said buoyant housing demand, a chronic shortage of land and housing supply, as well as a consistently low interest rate environment will support price rises. ....
With 3.45 million active cases, India recorded 357,229 new infections over the last 24 hours, while deaths rose 3,449 for a toll of 222,408, health ministry data showed. Experts say actual numbers could be five to 10 times higher. ....
Islamic finance has been on the rise for many years across markets in Africa, the Middle East and Southeast Asia. DUBAI: The $2.2 trillion global Islamic finance industry is expected to grow 10%-12% over 2021-2022 due to increased Islamic bond issuance and a modest economic recovery in the main Islamic finance markets, S&P Global Ratings said. The industry continued to grow last year despite the COVID-19 pandemic, although at a lower pace than in 2019, with global Islamic assets expanding by 10.6% in 2020 against growth of 17.3% the previous year. Islamic finance, which bans interest payments and pure monetary speculation, has been on the rise for many years across markets in Africa, the Middle East and Southeast Asia, but it remains a fragmented industry with uneven implementation of its rules. ....