Moody’s revises India’s GDP 2020 forecast to -8.9% from -9.6%, Raises 2021 forecast to 8.6% from 8.1%

Moody's Investors Service revised upwards its GDP forecasts for India to -8.9% contraction in the 2020 calendar year, as the economy reflates after a long and strict nationwide lockdown but said the recovery is patchy. In its Global Macro Outlook 2021-22, Moody's also revised upwards India's GDP forecast for calendar year 2021 to 8.6% growth from an earlier projection of 8.1% expansion. The Indian economy had grown by 4.8% in 2019.