S&P says Indian economy to contract by 5% in FY21, covid-19 to peak by September
Economic activity will face ongoing disruption over the next year as the country transitions post-covid-19, S&P said
S&P said the big hit to growth will mean a large, permanent economic loss and a deterioration in balance sheets
NEW DELHI: Rating agency Standard and Poor’s on Thursday said the Indian economy will contract 5% in FY21 assuming that the ongoing coronavirus pandemic will peak by September quarter. S&P’s Indian arm Crisil on Monday made similar forecasts.