31.1 C
Delhi
Saturday, May 15, 2021

Crisil revises India’s GDP contraction to 7.7 pc in FY21

- Advertisement -

Prolonged COVID-19 outbreak to impact Indian industry: CRISILNew Delhi, Dec 14 (IANS) With a sharp recovery seen in GDP contraction in the second quarter period, rating agency Crisil has revised upwards its growth projections for India.

A Crisil research report said on Monday that India’s fiscal 2021 real gross domestic product (GDP) will now contract by 7.7 per cent as against a contraction of 9 per cent forecast in September.

A faster-than-expected revival in activity in the second quarter, which continues into the festive season, is one of the reasons for the revision, the agency said in its research report.

Consistent decline in the overall Covid-19 case load is the other, it added.

READ ALSO:  India''s industrial output expands by 2% in Jan

Crisil, however, said that inadequate fiscal spending remains a constraint, while the possibility of a second wave of afflictions, uncertainty regarding availability of vaccine, and hiccups in global economic revival due to resurgence of cases, call for caution.

“In fiscal 2022, GDP growth is expected to spurt to 10 per cent, led by a very weak base and some global ‘rising tide’ effect. We estimate a permanent loss to the economy at 12 per cent in real GDP terms,” Crisil said.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

READ ALSO:  Majority of top 100 Indian firms are new entities: Report

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India