Moody's had bettered India's growth projection for the current fiscal year, which began on April 1, to 13.7 percent as economic activity gathered pace.
The report noted that India's PMI Manufacturing Index of 55.4 in March indicated some loss of momentum compared to February.
The Niti Aayog Vice-Chairman also noted that the Indian economy is now surging towards a recovery.
"India is already looking at 'V-shaped' recovery. Along with the green shoots in various sectors, in the month of February, FPI inflows were Rs 25,787 crore," Thakur said.
Likewise, the NSE barometer Nifty settled with a gain of 232.40 points or 1.60 per cent at 14,761.55.
He noted that the idea of a bad bank is to buy bad loans and other illiquid holdings of another financial institution and by transferring such bad loans to bad bank, the original institution can clear its balance sheet.
The agency had earlier forecast a 7.4 per cent contraction in 2020-21 GDP numbers.
The report, however, expected the gross domestic product (GDP) to dip in 2022-23 fiscal year to 6.8 per cent.
India's GDP growth was forecast to dip in 2022 calendar year to 5.9 per cent, according to the report.
The subsequent lockdown brought with it several new problems including stopping of construction activities, unavailability of labour, muted sales and tepid buyer sentiment.
In the current fiscal, manufacturing sector is likely to see a contraction 9.4 per cent whereas growth was almost flat at 0.03 per cent in the year-ago period.
In a session titled ‘Transformation of India with a focus on the entrepreneur ecosystem’ Kant said that India has grown as a technology country.
The decline in the GDP narrowed to 7.5 per cent in the second quarter of this financial year, over 23.9 per cent in April-June quarter
We have now shrugged off the negative impact of the pandemic and are moving towards a sustained high growth trajectory in the coming years, said Niti Aayog Vice-Chairman