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India's Economy Might Face A Downfall Of 11.5% in FY21: A Report
By: Tupaki Desk | 12 Sep 2020 5:11 AM GMT
In the wake of the Indian economy going through one of its worst periods, one more international financial research firm estimated that India's Gross Domestic Product(GDP) might fall by 11.5% in fiscal 2020-21 (FY21)
Bond credit rating business, Moody's Investors Service predicted that India's Gross Domestic Product(GDP) might shrink by 11.5% in fiscal 2020-21 (FY21).
The firm opined that factors like low growth and a weak financial system resulted in the downfall of India's credit profile. India's problems worsened due to the pandemic outbreak, the firm said.
In its report, the firm maintained that due to the lockdown impact, India's gross domestic product (GDP) fell down by 23.9% in the April-June quarter and held the rise of the Coronavirus cases for this.
On the other hand, Moody's Investors predicted that the Economy might witness a growth of 10.6 percent in Financial Year 22 and cited that the statistical base effect will play a crucial role in economic growth.
Earlier, Fitch and Goldman Sachs firms opined that India's GDP might see a downfall in the current fiscal. Fitch predicted that Indian's economy might shrink by 10.5 percent, while Goldman Sachs expected the downfall of 14.8 percent.
Bond credit rating business, Moody's Investors Service predicted that India's Gross Domestic Product(GDP) might shrink by 11.5% in fiscal 2020-21 (FY21).
The firm opined that factors like low growth and a weak financial system resulted in the downfall of India's credit profile. India's problems worsened due to the pandemic outbreak, the firm said.
In its report, the firm maintained that due to the lockdown impact, India's gross domestic product (GDP) fell down by 23.9% in the April-June quarter and held the rise of the Coronavirus cases for this.
On the other hand, Moody's Investors predicted that the Economy might witness a growth of 10.6 percent in Financial Year 22 and cited that the statistical base effect will play a crucial role in economic growth.
Earlier, Fitch and Goldman Sachs firms opined that India's GDP might see a downfall in the current fiscal. Fitch predicted that Indian's economy might shrink by 10.5 percent, while Goldman Sachs expected the downfall of 14.8 percent.
