India's GDP to contract 9% for FY 21—By S&P Global Ratings

Published on September 15, 2020
Current Context: The Standards and Poors Global Rating platform have projected Indias Gross Domestic Product (GDP) to contract at 9% for the fiscal year 2020-21.
India's GDP to contract 9% for FY 21—By S&P Global Ratings

  • S&P marked 5% of India's GDP contraction in their previous estimation.
  • The reason behind the reduction in GDP is the rising cases of COVID-19 which is impacting on economy of India. The rising COVID-19 cases are keeping private spending and investment at low.
  • S&P has projected economic growth for India at 10% for the fiscal year 2021-22. 
  • Static Part: 
    • HQ of S&P Global Ratings: New York, United States
    • President of S&P Global Ratings: John Berisford
  • Economic growth predictions for India by other rating agencies:-
Name of Agency Projected growth for India
Morgan Stanley 5%
Fitch -10.5%
Goldman Sachs -14.8%
India Ratings and Research 11.8%
Nomura -10.8%
Moody 11.5%
CARE -8% to -8.2%

Question: 

Q.1 As per S&P Global Ratings, Indias GDP to contract at ___% for the fiscal year 2020-21?
a. 8.5%
b. 10%
c. 9%
d. 9.5%

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