Moody's Slices India Development Foresee for 2021 to 9.6 pc

The Moody (US-based rating agency) said that high-frequency economic indicators show that the second wave of COVID-19 infections hit the Indian economy in April and May. It stated in a report on India that as states now relax restrictions, economic activity in MAY may mark a low point. It lowered India's growth forecast for the 2021 calendar year to 9.6% from a previous estimate of 13.9% and said that faster COVID vaccination is essential to limit economic losses to the June quarter.