New Delhi: Moody's Investors Service today reduced India's economic growth forecast for 2021 to 9.6 percent, up from 13.9 per cent as estimated earlier. Moody's also said that economic sanctions will be limited in the June quarter due to rapid vaccination.

Moody's said in a report titled 'Macroeconomics - India: Economic shocks from the second wave of covid will not be as severe as last year' that high-frequency economic indicators show that the second wave of the corona epidemic has affected India's economy in April and May. However, it is likely to improve with states relaxing sanctions. The report said the virus's return has raised uncertainty over forecasts in India's economic growth in 2021, although it is likely that financial losses will be limited to the April-June quarter.

'We expect India's actual GDP to grow at 9.6 percent in 2021 and 7 per cent in 2022,' Moody's added.  The Indian economy declined by 7.3 percent in 2020-21, compared to an increase of four percent during the previous fiscal'.

Mimi Chakraborty busts fake COVID vaccination camp

Indian Hotels delivers over 10-La meals to healthcare providers during 2-wave of COVID

Second wave of corona has not affected this village, not a single person has been infected