Yes Bank and SBI cut growth rate estimates

The second wave of corona infection has put major obstacles in the way of the country's economic growth rate. On Tuesday, SBI on the basis of its research has reduced the annual growth rate estimate from 10.4 percent to 7.9 percent and Yes Bank from 10.5 percent to 8.5 percent. Earlier, rating agency Moody's had last month reduced India's growth forecast to 9.3 percent from 13.7 percent. It has retained its estimate on Tuesday but has said that the pace of its recovery has been seriously affected by the second wave of the corona.

 The three institutions have done their calculations on the basis of the report of economic development on 31 May 2021 from the Government of India. of conjecture Along with this, these three agencies have also released a detailed report on the condition of the Indian economy and all of them believe that work will have to be done at many levels to accelerate the pace of growth. 

 Moody's report is more important because it ratings the country's overall economic condition and is taken seriously by foreign investors. In its report, Moody has emphasized the current wave of Corona more than the economic situation of the last financial year. It said the impact of the second wave could impact India's ratings and credit profile of companies. Currently, Moody's has given India a negative rating of 'BBBE A3', which is only slightly above the worst rating.