Moody's said the Indian economy will fall by 9.3 per cent in the current financial year.
The Indian economy has been on a declining path ever since demonetization was carried out in India in 2016.The Indian economy suffered a further setback due to corona damage in the last year. A nationwide curfew was imposed at the end of March 2020 due to corona damage.This paralyzed the industry and disrupted export-import trade. This caused the Indian economy to suffer an unprecedented downturn.
However, various research institutes were confident that the Indian economy would grow by 2021, with corona effects reduced.But now that the second wave of corona is blowing, the deaths are on the rise again. Economic growth is once again declining confidence. As a hope, Moody's Investors Services said the Indian economy will grow by 9.3 per cent in the current financial year.
Moodis said growth would return in the coming months despite the fall in corona impact in April-June, with India's GDP growth averaging 6 percent in the long run.The study also estimated that Indian economic growth will be 7.9 per cent in the next financial year 2022-23.