S&P revises India’s real GDP growth forecast for FY2021 to -5%

Dhwani Mehta FXStreet

Following its affirmation of Indian sovereign credit rating and outlook, S&P Global revised down the country’s GDP growth forecast for fiscal (FY) 2021.

Key findings

“Revised India’s real GDP growth forecast for fiscal 2021 to negative 5%.“

“Expect speed of India’s post-crisis recovery to have long-term implications for sovereign credit rating.”

“Sees risk of a serious local epidemic, enduring financial and corporate distress in India.”

This comes as India more cases of novel coronavirus; tally now stands at 297,535 resulting in 8,498 deaths.

USD/INR: Bulls look to 77.00

“USD/INR's multi-month consolidation ends with a bullish breakout. Technical indicators favor stronger gains in the near-term,” FXStreet’s Analysts Omkar Godbole notes.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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