Moody’s projects India’s GDP to contract 7% in FY21, expects 13.7% growth in FY22

Current GK ( Master) Growth and development

The US-based rating agency Moody’s has revised its growth projection for India, and now expects the economy to contract 7 percent in the fiscal 2020-21 (FY21). This is lower than its previous estimate of 10.6 percent contraction.
For the next financial year, FY22, beginning April 1, Moody’s has projected the economy to grow to 13.7 percent, as compared to 10.8 percent estimated earlier.