India to be among the fastest growing economies, S&P forecasts 10% growth in 2021-22

New Delhi S&P Global Ratings has stated that India will be among the fastest growing emerging economies in the next financial year 2021-22. The economy is expected to grow at the rate of 10 percent in the next financial year. S&P Director, Sovereign and International Public Finance Ratings Andrew Wood said projections for India in 2021 are better. Many economic activities that stalled last year are expected to be back on track. This has strengthened the projections about development. At the same time, the Indian economy is showing structural strength.

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On India’s scenario during a webinar, Wood said, ‘India will be one of the fastest growing economies in emerging markets. The decline in India’s economy has been rapid this year. One can say more than many countries of the world. But the growth rate of 10 percent is expected next year, which will bring India into the fastest growing economies. The important thing is that the Indian economy is expected to grow at the rate of six percent or more during the next few years.

The rating agency said that manufacturing, service, labor market and revenue data in Indian economy is showing improvement on every front. The fiscal deficit may go above the target due to high expenditure this time, but further the government has spoken of controlling it. Wood said that if the pace of improvement is much lower than anticipated, there may be concern on the ratings front. Much will depend on the level of deficit and the level of government debt. S&P has praised the government’s move to privatize the two banks as commendable.

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India to be among the fastest growing economies, S&P forecasts 10% growth in 2021-22

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