The coronavirus is going to give a big blow to the Indian economy. In particular, due to the lockdown for 21 days, a big cut can be seen in the forthcoming GDP report.
Due to the outbreak of Coronavirus, the economy is constantly suffering. In such a situation, rating agencies are reducing the GDP growth estimate of India including the world. Moody’s has reduced India’s GDP estimate from 5.3 percent for the calendar year 2020 to a mere 2.5 percent.
According to the domestic rating agency CRISIL, the next financial year is going to be very bad. CRISIL has reduced the GDP estimate for the financial year 2020-21 to 3.5 percent. The rating agency had earlier estimated GDP growth for the financial year 2020-21 at 5.2 percent.
What did Moody’s say on Indian GDP
Significantly, Corona, which started from Wuhan in China, has engulfed more than 199 countries of the world. So far, more than 24,000 people have died in the world due to Corona. 170 crore people from more than 50 countries of the world are forced to be imprisoned in homes due to corona.
Earlier this week, the Indian government announced a 21-day lockdown in the country. So far, more than 700 cases have been reported in the country of people infected with Corona virus and 17 people have died. Due to the lockdown, businesses and all kinds of operations have stopped.
Global credit rating agency Moody’s Investors Service had earlier projected India’s GDP to grow at 5.3 percent. Regarding the Coronavirus crisis, Moody’s says that this will give a big blow to the global economy. Moody’s has said that the country’s GDP growth for the year 2019 can be around 5 percent.