New Delhi, Jun 1: Moody's Investors Service on Tuesday pegged India's GDP growth at 9.3 per cent in the current fiscal ending March 2022 and 7.9 per cent in FY23.

"The reimposition of lockdown measures along with behavioural changes on fear of contagion will curb economic activity, but we do not expect the impact to be as severe as during the first wave.

"We expect a decline in economic activity in the April-June quarter, followed by a rebound, resulting in real, inflation-adjusted GDP growth of 9.3 per cent in the fiscal year ending March 2022 and 7.9 per cent in fiscal 2022-23," it said.

India's economy contracted by 7.3 per cent in fiscal 2020-21.

The pandemic, it said, will leave new economic scars and deepen pre-pandemic constraints.

"Over the longer term, we expect real GDP growth to average around 6 per cent," it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)