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S&P cuts India's FY21 growth forecast to (-) 9%

Sep 15, 2020 12:00 IST

S&P Global Ratings has slashed India's FY21 growth forecast to negative 9%, from (-) 5% it had estimated earlier. The rating agency said that rising Covid-19 cases would keep private spending and investment lower for longer. It said risks to the growth outlook include a weaker recovery in informal sectors of the economy and deeper economic losses for micro and small enterprises. One factor that presents a potential upside to growth is the availability of a widely-distributed Covid vaccine earlier than mid-2021, S&P added.

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