Sunday, March 7, 2021

India in recovery for next financial year: S&P

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Prime Time Zone, Webdesk: Leading rating agency S&P said on Tuesday that factors such as better conditions in the domestic agricultural sector, control of corona cases and rising government spending were contributing to the growth of the economy. S&P believes that India needs to recover not only from these but also from other issues. He said the 2021-budget would also contribute to recovery in the wake of unexpected spending proposals. ‘There are still significant challenges ahead for the economy in the order of transition from stability to recovery.

We expect the Indian corona to face production losses in a way that will not be reversed. In the long run, it is expected to represent a product equivalent to 10 per cent of GDP, ‘S&P said. The Indian economy is heading towards recovery in 2021-22. This is mainly due to the quarterly results of corporate companies and demand factors in consumption. Similarly, the Indian banking system is expected to improve by 2023, with a 10 per cent recovery in the next financial year. S&P revealed that banks are currently continuing their efforts to raise capital and reserves to counter the corona effects.

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India in recovery for next financial year: S&P