Global rating agency #Moody's has upped India's growth projection for the financial year 2021-22 to 13.7% from 10.8% estimated earlier
In its 'Global Macro Outlook 2021-22, #Moody's said that India's Economy has rebounded quickly from one of the world's longest and most stringent lockdowns, which also came with the steepest fall in GDP in the second quarter of 2020
For the current fiscal year, the agency expects the Indian economy to contract by 7%, lower than its previous estimate of 10.6% contraction
The revised numbers came on the back of normalisation of activity and growing confidence in the market with the rollout of #COVID19vaccines
Moody's said the government's fiscal deficit for FY21 and FY22 should be lower than projected. This is on the back of stronger revenue generation in the fourth quarter of FY21 and higher nominal GDP growth in FY22
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