US-based rating agency Moody’s projected the growth of the Indian economy to 13.7%, up by 3.1% from the 10.8% that they projected last time, according to a PTI report.
The contraction they projected has also lowered from 10.6% to 7%. This is assumed to be because of the vaccination rollout and the opening up of businesses. The Investors Service Associate Managing Director (Sovereign Risk) Geng Fang said, “Our current expectation is that in the current fiscal ending March 2021, the economy would contract 7% …We expect a rebound of 13.7% growth in the next fiscal on the normalisation of activity and base effects.” He said this in an online conference organised by Moody’s and their Indian affiliated ICRA called the Indian Credit Outlook 2021.
The ICRA meanwhile expects the Indian economy to do better by 10.5% by next fiscal although it will contract by 7% this fiscal.