Moody's cuts India's FY22 GDP forecast to 9.3%; rules out rating upgrade

Owing to Covid pandemic, rating agency sees India's general govt deficit at 11.8% of GDP in FY22 as against previous forecast of 10.8%


Puneet Wadhwa New Delhi
Rating agency Moody’s has cut India’s gross domestic product (GDP) forecast for FY22 to 9.3 per cent from the earlier projection of 13.7 per cent and has ruled out a sovereign rating upgrade – at least for now. 

The downward revision in GDP estimates comes on the back of a second wave of Covid infections across the country, which have triggered localised lockdowns and mobility curbs, except for essential services. 

“As a result of the negative impact of the second wave, we have revised our real, inflation-adjusted GDP growth forecast down to 9.3 per cent from 13.7 per cent for

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First Published: May 11 2021 | 5:33 PM IST

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