New Delhi, Sep 11: Moody's Investors Service Friday slashed India's growth projection for the current fiscal to (-) 11.5 per cent, from (-) 4 per cent estimated earlier.

It said that India's credit profile is increasingly constrained by low growth, high debt burden and weak financial system. These risks have been exacerbated by the coronavirus pandemic.

“Mutually reinforcing risks from deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further pressure on the credit profile," Moody's said

It projected the economy to clock a growth of 10.6 per cent for 2021-22.

Moody's action follows another global rating agency Fitch, which earlier this week, projected a 10.5 per cent contraction in Indian economy this fiscal.

Domestic agencies Crisil and India Ratings and Research have also projected contraction of nine per cent and 11.8 per cent, respectively.