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Moody's slashes India 2020 GDP growth forecast to 2.5%


New Delhi: Moody's Investors Service on Friday (March 27) cut its estimate of India's gross domestic product (GDP) growth during 2020 calendar year to 2.5 per cent from an earlier estimate of 5.3 per cent, in the wake of the coronavirus pandemic and the consequent 21-day countrywide lockdown. Moody’s, thus, joins other economists and rating agencies who have pruned their growth estimates due to the Covid-19 outbreak.

"In India, credit flow to the economy already remains severely hampered because of severe liquidity constraints in the bank and non-bank financial sectors," the rating agency said.

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