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

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.