Moody’s Investors Service has lowered the contraction rate for India’s GDP to 10.6 per cent for 2020-21 from 11.5 per cent earlier. It also revised upwards its expectation for GDP growth to 10.8 per cent for 2021-22 from earlier 10.6 per cent.
Meanwhile, Barclays raised its projections for GDP growth to 8.5 per cent during 2021-22 from its earlier forecast of 7 per cent. Earlier, it had raised its projection for GDP contraction to 8.5 per cent from earlier 8 per cent for FY21.
Moody’s said the stimulus measures announced last week by Finance Minister Nirmala Sitharaman were aimed at increasing manufacturing