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.
- 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%
a. 8.5%
b. 10%
c. 9%
d. 9.5%
