- The decline is due to the nationwide lockdown started from March 24, 2020.
- Moody also forecasted India’s growth for 2021 at 6.2%.
- The projection of GDP of G-20 advanced economiesas a bloc is also declined by 5.8% in 2020
GDP growth rate estimates by various agencies for India in FY20-21
| Agency | Rating |
| India Ratings | (-) 2.1 to 1% |
| Confederation of Indian Industry (CII) | (-) 0.9 to 1% |
| Nomura | (-) 0.5% |
| Fitch ratings | 0.8% |
| Goldman Sachs | 1.6% |
| World Bank | 1.5 to 2.8% |
| International Monetary Fund (IMF) | 1.9% |
| Asian Development Bank (ADB) | 4% |
