Moody's projects Indian economy to contract 11.5% this fiscal

Moody's Investors Service on Friday slashed India's growth projection for the current fiscal to (-) 11.5 per cent, from (-) 4 per cent estimated earlier. It said India's credit profile is increasingly constrained by low growth, high debt burden and weak financial system. These risks have been exacerbated by the coronavirus pandemic. For 2021-22, it projected the economy to clock a growth of 10.6 per cent.