New Delhi. To deal with the Corona crisis, the economy is also improving due to the increase in economic activities in the country along with the increase in the vaccination campaign. Global rating agency Standard and Poor’s (S&P Global Ratings) also indicated that India is making rapid economic recovery after the second wave of Corona. Along with this, the Global Rating Agency has retained India’s economic growth forecast for the financial year 2021-22 at the earlier level of 9.5 percent.
Clear signs of bullishness: S&P
Praising India, the global rating agency said that due to the second wave during April-June 2021, there were a lot of obstacles in the business activities of the country. Even after this, during July-September 2021, most of the indicators of the economy have shown signs of rapid strengthening of activities. Also said that the second wave has had the biggest impact on the household industry, micro and small businessmen. When these sectors correct their balance sheets, then the pace of the economy will look a bit slow. However, inflation has remained high during this period and public debt is raising concerns.
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Why did China cut its growth forecast?
Unlike India, S&P has cut China’s economic growth forecast for 2021 by 30 basis points to 8 per cent. According to the rating agency, there is an atmosphere of uncertainty due to policy decisions of Asia’s largest economy and the fear of default of real estate company Evergrande. Therefore, the estimate of China’s economic growth is being cut. The rating agency said that the Evergrande crisis may also affect other real estate companies and developers in China. Not only this, apart from the banks and financial institutions that lend to Evergrande, suppliers and contractors can also be affected.
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Orignally published at Tailored Stash
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