S&P Global Ratings raised India’s 2020-21 Gross Domestic Product (GDP) forecast to a contraction of 7.7 percent, as against -9 percent projected earlier.S&P Global did not change its projection that the Indian economy would grow 10 percent in FY22. The revision in growth forecast reflects a faster-than-expected recovery in the quarter through September, the rating agency said. India is in technical recession, but macro-economic indicators have seen an uptick after resumption of manufacturing and other economic activity. Fitch Ratings, too, had on December 8 revised India’s FY21 GDP forecast upwards to -9.4 percent from an earlier estimate of -10.5 percent