At least four leading rating agencies have trimmed their GDP growth forecasts for India for the financial year ending March 2022.
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The second wave of Covid-19 has dampened economic optimism for India
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These agencies had initially estimated double-digit growth for the Indian economy due to a low base and revival of business activities in the country after the first wave of Covid in 2020. For instance, Mumbai-based CRISIL, which had earlier pegged India’s economic growth for fiscal 2022 at 11%, has lowered its estimate to 8.2% in a worst-case scenario.
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