S&P Global Ratings on Wednesday said that it expects India's GDP growth for the financial year 2022 at 7.5 percent.

"What we need to see is a policy response so we can prevent excessive damage to the economy in the short run and allow provide a bridge to the recovery to allow the economy to come through next year and the year after," said Shaun Roache, Asia-Pacific Chief Economist of S&P Global Ratings.

S&P Global Ratings has cut its outlook on India's growth due to the hit from COVID-19, however, it expects a bounceback in FY21.

“These lockdowns can have a very large cost for growth... What that meant is that we have to lower our GDP growth forecast for this fiscal to 1.8 percent. The impact on the fiscal dynamics purely from the budget side is fairly limited," said Roache.

When asked about the fiscal deficit number in terms of a percentage of GDP, he replied, “We do have a number but at the moment, we need to review that number because it is something through a very high degree of uncertainty."