‘FY22 GDP impact may be 100-300 bps’An ongoing second wave of COVID-19 infections in India could hurt its near-term economic recovery and possibly diminish growth for the full year, S&P Global Ratings said on Tuesday. “India’s COVID wave will inevitably hit the recovery and could push growth below 10%,” said Shaun Roache, chief economist, Asia Pacific at S&P. “There will be some near-term ramifications at least... from the severe second wave of COVID-19 that we are observing. “We still believe that India’s fiscal settings are going to be weak... deficits are going to be high for a long time,” Mr. Wood said. India’s general fiscal deficit is seen at around 11% of GDP this year against 14% last year, he added.

Source: The Hindu May 04, 2021 18:42 UTC