In its report titled 'Macroeconomics India: Economic shocks from second COVID wave will not be as severe as last year's', Moody's said that quicker vaccination drive would be imperative to cut down economic losses to the June quarter.
Earlier this month, it had projected India to clock a 9.3 per cent growth in the current fiscal ending March 2022, but a deadly second wave of COVID slowed down the country's economic activity, a trend which Moody's predict will remain restricted to the April-June quarter.
"The virus resurgence adds uncertainty to India's growth forecast for 2021; however, it is likely that the economic damage will remain restricted to the April-June quarter. We currently expect India's real GDP to grow at 9.6 per cent in 2021 and 7 per cent in 2022," the rating agency said.
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