Credit rating agency S&P Global said on Wednesday that the second wave of Kovid-19 infection in India could hamper the country's economic recovery. According to a report by the news agency Reuters, the rating agency said in a note, "Due to the significant damage to people's lives and human concerns, S&P Global Ratings feel that the epidemic has led to a decline in GDP. And the scope for business interruption has increased. ''
It is noteworthy that more than three lakh cases of Kovid-19 are being reported daily in the world's second-largest country in terms of population for the last six days. Due to this, the entire healthcare system of the country has been shaken. The death toll due to this infection in India has crossed the two-lakh mark.
The S&P has indicated a revision in its earlier estimate of 11 percent of the country's economic growth in FY 2021-22. The agency has said that if industrial activities are once again banned, there is a possibility of revising the projections related to growth.
According to a report by the news agency PTI, the Asian Development Bank (ADB) has said that India's economic growth is expected to be 11 percent in the current financial year amid a massive campaign involving vaccination.
The ADB released the Asian Development Outlook 2021 on Wednesday, saying, "India's economy is expected to grow at a pace of 11 percent in the financial year 2021-22 ending March 31, 2022."
However, the ADB has cautioned that an increase in cases of Kovid-19 could pose a risk to the country's economic recovery.