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Covid-19 impact: S&P slashes India growth forecast to 1.8% for FY21

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NEW DELHI: Rating agency S&P on Friday slashed its FY21 growth estimate for India to 1.8% from 3.5% projected last month, assuming that the covid-19 pandemic will peak here later than most other countries in the Asia-Pacific region. “We assume that the first-wave of community transmission peaked in March in China and will peak in April for most other economies in the region.

In some emerging markets, including India and Indonesia, a peak in reported cases is assumed to come somewhat later, perhaps early in the third quarter," the rating agency said in a report.

Total number of covid-19 cases in India has gone up to 13,387 while the death toll has risen to 437, according to the health ministry.

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