S&P retains India GDP growth projection for 2021-22 at 9.5%

S&P Global Ratings has retained India’s GDP growth forecast for 2021-22 at 9.5 per cent and 7.8 per cent for 2022-23. However, it revised the GDP growth projection for 2023-24 to six per cent from 5.7 per cent estimated earlier, citing lowering of permanent costs owing to the ongoing broadening out of the recovery. According to S&P, gradual lifting of restrictions has helped the economy to rebound from pandemic lows and all high-frequency indicators suggest a strong recovery is underway.