- Despite the Reserve Bank of India’s (RBI) massive actions to spur the economy, India’s gross domestic product (GDP) is likely to contract by 4.5 per cent in the April-June 2020 quarter and will rise by only 2 per cent in 2020-21 on the coronavirus impact, according to domestic rating agency Icra
- While announcing a number of measures in the policy review, the RBI refrained from giving its estimate on both growth and inflation, saying things are fluid and rapidly changing.
- The Indian economy was already supposed to clock a decadal low growth of 5 per cent in 2019-20, according to official estimates, and the coronavirus-related worries have only compounded the problems.
- Regardless of the measures announced now by the RBI, we are lowering our base case scenario for GDP growth to (-)4.5 per cent for Q1 FY2021 and to 2 per cent for FY21.
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