Two domestic research agencies, CRISIL and ICRA, on Thursday sharply lowered their GDP (Gross Domestic Product) growth forecast for FY21.
While CRISIL has lowered growth projection by 170 basis points (100 basis points mean one percentage point), ICRA’s cut is in the range of 50-100 bps. These revisions have been done at a time when India is passing through 21-day nationwide lockdown in an effort to contain the spread of Covid-19.
CRISIL said that the pandemic and the consequent lockdown pose a material risk to its India economic outlook. The adverse effects that will follow can dwarf the gains ...
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