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Moody's said that after a long and severe lockdown, the country's economy is returning to track, but this improvement is scattered. In its Global Macro Scenario 2021-22 report, Moody's also raised the country's economic growth forecast to 8.6 percent for 2021. Earlier it was 8.1 percent. In the year 2019, India grew at a rate of 4.8 percent.
The rating agency said that the country's economy is projected to shrink by 8.9 percent in the 2020 calendar year. Earlier this estimate was down by 9.6 percent. Due to the long and stringent lockdown, the country's economy recorded a huge decline of around 24 percent in the April-June quarter.
The country had a 69-day nationwide lockdown. It was then expanded repeatedly at the state and local levels to prevent corona virus infection. Relaxation in the lockdown was gradually given in phases while restrictions remain in the containment area at the local level.