S&P Global Ratings retained its forecast of 9% contraction in the Indian economy for the current fiscal, saying even though there are now upside risks to growth but it will wait for more signs that COVID infections have stabilised or fallen. S&P, in its report on Asia Pacific, projected the Indian economy to grow at 10% in the next fiscal.
India’s coal demand will continue to improve year-on-year (yoy) as the end-user industrial activities gradually gain pace with unlocking and inventory levels at power stations being normalized, according to India Ratings (Ind-Ra).
Contracting for the eighth consecutive month, the output of the eight core infrastructure sectors dropped 2.5% in October, mainly due to decline in production of crude oil, natural gas, refinery products, and steel. The fall was sharper than September’s 0.1%.
India could well be the slowest-growing economy, among a list of 24 countries, in the July to September quarter. This is according to Q2FY21 gross domestic product (GDP) provisional data from various agencies. Mean forecasts put India’s Q2 number close to 10% contraction; in Q1, India GDP decline was steepest among G20 nations.