India's Economy To Shrink 5% This Fiscal Year

SINGAPORE (S&P Global Ratings) May 28, 2020--The COVID-19 outbreak in India and two months of lockdown--longer in some areas--have led to a sudden stop in the economy. That means growth will contract sharply this fiscal year. Economic activity will face ongoing disruption over the next year as the country transitions to a post-COVID-19 world. S&P Global Ratings expects varying degrees of containment measures and economic resumption across India during this transition. We have lowered our growth forecast for fiscal year ending March 2021 to a 5.0% contraction. This compares with a forecast of 1.8% growth in our April update. COVID-19 has not yet been contained in India. New cases have been averaging more than 6,000 a day over the past

...May 27, 2020 SINGAPORE (S&P Global Ratings) May 28, 2020--The COVID-19 outbreak in India and two months of lockdown--longer in some areas--have led to a sudden stop in the economy. That means growth will contract sharply this fiscal year. Economic activity will face ongoing disruption over the next year as the country transitions to a post-COVID-19 world. S&P Global Ratings expects varying degrees of containment measures and economic resumption across India during this transition. We have lowered our growth forecast for fiscal year ending March 2021 to a 5.0% contraction. This compares with a forecast of 1.8% growth in our April update....

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