Domestic rating agency Icra on Monday further downgraded the country’s GDP projections, stating that the Indian economy may contract by 11 percent during FY 2020-21. The rating agency had earlier predicted a 9.5 percent contraction. ICRA revised its estimates, saying that the rate of Kovid-19 infection in the country remains high.
Significantly, after the official figures of growth for the first quarter of the current financial year, some analysts have reported a contraction of 14 percent during FY 2020-21. GDP declined by 23.9 percent in the first quarter. The ratings agency said that estimates of GDP contraction during FY 2020-21 could be worse if figures for the first quarter of the current fiscal are revised downwards after figures from small businesses and the informal sector come out. SBI gave a big gift to customers before the festive season, all kinds of loans were cheaper with many offers!
The rating agency currently maintains a 12.4 percent contraction estimate for the ongoing second quarter. ICRA chief economist Aditi Nair said, “With the epidemic continuing for more than six months in India, we understand that the economic component is now adjusting to the crisis, leading to a gradual recovery after the Kovid epidemic.” Used to be. With the massive Kovid-19 transition, this situation may persist longer than our previous estimates. ”
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