Fitch believes that rapid vaccination could support a sustainable revival in business and consumer confidence; however, without it, economic recovery would remain vulnerable to further waves and lockdowns.
GDP growth in the current fiscal was estimated to be in double digits initially, but a severe second wave of pandemic has led to various agencies cut growth projections.
Crisil said that the second Covid wave has thrown cold water over the Indian economy that was beginning to warm up after witnessing the most severe contraction since Independence.