Moodys estimates, Indian economy may go ahead in double digit in 2021

Moody's predicts that India's economy will accelerate even after the second wave of Corona.

Moody’s predicts that India’s economy will accelerate even after the second wave of Corona.

Global rating agency Moody’s said that the rise in the Corona crisis would have a negative impact on economic activity around the world. Given the low level of economic activity during the year 2020, it is now expected to grow in double digits of GDP. The second wave of Kovid-19 has worsened the situation, but the effects of prevention measures and vaccination will be less.

New Delhi. There are good indications for the Indian economy amidst all the challenges that have arisen due to the second wave of Corona virus (Coronavirus 2nd Wave). Global rating agency Moody’s has said that the second wave of the Kovid-19 transition poses a risk situation for the projections of India’s economic growth so far. Nevertheless, given the low level of economic activity in the last year, the growth rate of gross domestic product (GDP) may remain in double digits. Moody’s said that economic activity will also be affected this year due to the outbreak of Corona virus.

Instead of lockdown, this measure will have less impact on economy
Moody’s hoped that in order to deal with the current wave of infection, a nationwide lockdown would be emphasized on small settlement zones, which would affect business activities less than in 2020. Moody’s Investors Service said that the very low death rate of corona virus in India and relatively young population is also proving to be helpful in reducing the risk. Given the low level of economic activity in the year 2020, GDP is still expected to grow in double digits.

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Moody’s has said that the second wave of infection poses some risks to the economic recovery, but preventive measures will lessen the ill effects. At the same time, the rapid effect of the vaccination campaign against the corona virus will also be reduced. Earlier, Moody’s had predicted in February 2021 that India’s growth rate could be 13.7 percent in the current financial year. Then in March, global rating agency Fitch said that India’s GDP growth could grow 12.8 percent during FY2021-22. The rating agency had earlier predicted India’s economic growth to be 11 per cent in FY 2022.

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