- Fitch Ratings slashes its growth forecast for India from 5.6% to 5.1% for 2020-21, as Covid-19 hit Indian manufacturers after supply chain disruptions in China.
- Fitch joins a chorus of international agencies that have made similar observations in recent days. Standard and Poor’s (S&P) on Wednesday had slashed its 2020 growth projection for India from 5.7% to 5.2% as it feared that the Asia Pacific region may slide into a recession, with countries enforcing lock-downs to contain the pandemic.
- Moody’s and the Organisation for Economic Cooperation and Development (OECD) have cut their 2020 growth projections for India to 5.3% and 5.1%, respectively.
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