Topic summary
Indian economy
Extracted from the Wikipedia article Economy of India.
COVID-19 pandemic and new reforms (2021–present)
During the COVID-19 pandemic, numerous rating agencies downgraded India's GDP predictions for FY21 to negative figures, signalling a recession in India, the most severe since 1979. The Indian Economy contracted by 6.6 percent which was lower than the estimated 7.3 percent decline. In 2022, the ratings agency Fitch Ratings upgraded India's outlook to stable similar to S&P Global Ratings and Moody's Investors Service's outlooks. In the first quarter of financial year 2022–2023, the Indian economy grew by 13.5%.