Global rating agency Standard & Poor today slashed India's economic growth forecast for the current financial year (2021-22) to 9.5 percent, down from 11 percent earlier, and warned of risks from further waves of Covid-19 pandemic.

S&P has joined many other global and domestic agencies that have cut India's GDP growth estimates for the ongoing fiscal.

Another US-based rating agency Moody's projected India to clock 9.3 percent GDP growth in the current fiscal ending March 2022. For the 2021 calendar year, Moody's has cut the growth estimate sharply to 9.6 percent.

Earlier this month, the World Bank had cut its GDP growth forecast for India for the current fiscal to 8.3 percent, from 10.1 percent estimated in April, saying the economic recovery was hampered by the devastating second wave of coronavirus infections.

Domestic rating agency ICRA too projected economic growth at 8.5 percent for this financial year.

S&P lowered the growth outlook saying that a severe second Covid-19 outbreak in April and May led to lockdowns imposed by states and a sharp contraction in economic activity.

Further pandemic waves are a risk to the outlook given that only about 15 percent of the population has received at least one vaccine dose so far, although vaccine supplies are expected to ramp up, S&P said.

Indian economy contracted by 7.3 percent in fiscal 2020-21 due to its second wave of Covid-19, as opposed to a 4 percent growth in 2019-20.

The GDP growth in the current fiscal was estimated to be in double digits initially, but the severity of the second wave has led to various agencies cut growth projections.