Credit rating agency, Moody's Investors Service in its latest report has upgraded India growth forecast to (-) 10.6 per cent for the current fiscal, from its earlier estimate of (-) 11.5 per cent.
As per the report, the latest measures aim to increase the competitiveness of India's manufacturing sector and create jobs, while supporting infrastructure investment, credit availability and stressed sectors. Besides, for next fiscal 2021-22, the rating agency projected India to grow at 10.8 per cent, as against the previous estimate of 10.6 per cent.
Moody's also noted that India's economic growth is likely to settle around 6 per cent in the medium term. It, however, said that consumer confidence in India remains relatively low amid an elevated number of daily new coronavirus cases, although this has come down from a peak in September.