Moody revised India’s growth projection for FY22 to 13.7 percent from 10.8 percent estimated earlier

Global rating agency Moody’s upped India’s growth projection for the financial year 2021-22 to 13.7 percent from 10.8 percent estimated earlier.In its ‘Global Macro Outlook 2021-22, Moody’s said, India’s Economy has rebounded quickly from one of the world’s longest and most stringent lockdowns, which also came with the steepest fall in GDP in the second quarter of 2020.  For the current fiscal year, the agency expects the Indian economy to contract by 7 per cent, lower than its previous estimate of 10.6 percent contraction. The revised numbers came on the back of normalisation of activity and growing confidence in the market with the rollout of COVID-19 vaccines.