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India’s GDP will decline drastically in 2020-21, rating agencies around the world raise concerns

The Corona epidemic has added to the difficulties for the troubled Indian economy. After the dismal GDP figures came out, many international agencies have started revising their estimates. On Friday, rating agency Moody’s has predicted an 11.5 percent fall in India’s gross domestic product (GDP) in the current financial year.

Moody’s said that the Indian economy will decline by 11.5 percent in 2020-21. Explain that earlier the rating agency had predicted a four percent decline in the Indian economy.

Moody’s said on Friday that India’s credit environment was being affected by low growth, high debt and weak financial system. These risks are further increased due to the corona virus epidemic. Moody’s said that the country’s financial strength may decline further due to more pressure in the economy and financial system. This can increase the pressure on credit.

Know about rating agency Moody’s

Moody’s is a US company. It is a business and economic affairs company. It was founded in the year 1909 by John Moody. John Moody’s motive behind creating this company was to tell the stock market and bond ratings.

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That means telling which stock exchange is performing and which bond can be more profitable by buying. For this, John Moody used to rate the stock market and bonds. Later, Moody’s became two parts, in which a part was formed by Moody’s Investor Service which gives a rating.

Know what other rating agencies have said?

Goldman Sachs, the global ratings and research agency, first predicted a steep decline in the Indian economy. According to this agency, the economy is expected to fall by a massive 14.8 percent for the year 2020-21.

After this, the global rating agency Fitch has forecast a decline of 10.5 percent in the Indian economy in the current financial year.

Domestic rating agencies CRISIL and India Ratings have forecast a 9 per cent and 11.8 per cent decline in the Indian economy respectively in the current financial year.

India Ratings had earlier projected the Indian economy to shrink by 5.3 per cent, but now believes that the situation is worse and India’s economy may shrink by 11.8 per cent.

According to SHBC and Morgan Stanley, the loss to the Indian economy could range between 5 and 7.2 percent.

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