Moody’s Investors Service recently fixed India's gross domestic product (GDP) growth at 9.3 per cent in this fiscal ending March 2022 and 7.9 per cent in the next. "The re-imposition of lockdown measures, along with behavioural changes on fear of contagion will curb economic activity, but we do not expect the impact to be as severe as during the first wave,” it said.

"We expect a decline in economic activity in the April-June quarter, followed by a rebound, resulting in real, inflation-adjusted GDP growth of 9.3 per cent in the fiscal year ending March 2022 and 7.9 per cent in fiscal 2022-23," a news agency quoted the rating agency as saying.

India's economy contracted by 7.3 per cent in fiscal 2020-21.

The pandemic, it said, will leave new economic scars and deepen pre-pandemic constraints.

"Over the longer term, we expect real GDP growth to average around 6 per cent," it said.

Fibre2Fashion News Desk (DS)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.