S&P Global Ratings on Thursday said the Indian economy is projected to grow at 11% in the current fiscal, but flagged the 'substantial' impact of broader lockdowns on the economy.
In its report on Asia-Pacific Financial Institutions, S&P said the control of Covid-19 remains a key risk for the economy, with new infections surging in recent weeks and the second pandemic wave.
S&P said, their forecast growth of 11% for India in 2021 is followed by a 6.1-6.4% forecast increase for the next couple of years, adding that the impact of broader lockdowns on the economy could be substantial, depending on their length and scope.
As per official estimates, the Indian economy contracted 8% in 2020-21 fiscal, which ended March 31, 2021.