S&P cuts India’s Growth Forecast to 9.5% from 11% for FY 2022

S&P Global Ratings cut India’s FY22 growth forecast for the current fiscal to 9.5 per cent, from 11 per cent earlier, and warned of the risk to the outlook from further waves of COVID pandemic. The agency lowered the growth outlook due to severe second COVID-19 outbreak in April and May which led to lockdowns imposed by states and a sharp contraction in economic activity. It also projected India’s growth at 7.8 percent for the next fiscal ending March 31, 2023.