Moody's cut its economic growth forecast to 9.60 per cent

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MUMBAI: Moody's Investors Services has slashed India's economic growth forecast for the current calendar year to 7.50 per cent. Earlier, Moody's had projected 18.50 per cent.

Vaccination needs to be accelerated if economic losses are to be limited in the June quarter, according to a report released by it. The impact of the second wave of Corona may not be as severe as the first wave but high frequency economic indicators indicate that Corona has affected economic activity in India in April and May.

The second wave of Corona has affected India's economic growth for 2021, but the impact is likely to be limited to the April-June quarter.

Given the current situation, we expect India's economic growth to be 6.50 per cent in the current calendar year and 5 per cent in 203, the agency said in its report. In the last financial year, India's economic growth rate slowed to 2.50 per cent. The ten states that have been most affected by the second Corona wave accounted for more than 50 per cent of the country's pre-Corona GDP.

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