With no end in sight for the second wave global rating agencies and brokerages are cutting India's growth outlook for the current year. Moody's has slashed their GDP growth forecast to India to 9.3% from 13.5% earlier.
Moody's revision in India estimates follows peer rating agency S&P's action last week. Moody's has warned that the second wave will not only slow the near-term economic recovery but could also weigh on longer-term growth dynamics
Japanese brokerage Nomura also cut India's GDP forecast to 10.8% from 12.5% earlier citing slowing business activity due to lockdowns which are now mirroring June 2020 levels.