It forecast a 7.8 per cent economic growth for fiscal 2022-23.
"India is learning to live with the virus. Following the peak in COVID-19 cases around mid-year, the stringency index has declined, mobility has recovered, and consumer and business confidence has improved," S&P Global Ratings said in a report.
Recent high-frequency indicators such as the October services purchasing managers' index reading of 58.4 suggest a strong recovery is under way, a news agency reported.
"The ongoing broadening out of the recovery suggests that permanent costs are likely to be lower, and as a result, we revise higher our growth forecast for the fiscal year ending March 2024 to 6.0 per cent from 5.7 per cent earlier," it added.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
