CRISIL pegs India's FY21 economic growth rate at 1.8% from 3.5%

Domestic rating agency CRISIL on Monday cut its projections for India’s economic growth rate to 1.8 per cent, from 3.5 per cent it had earlier predicted for 2020-21.
 

Its parent Standard & Poor’s has (S&P) forecast the world economy to contract 2.4 per cent, against its earlier estimates of 0.4 per cent growth. CRISIL had a gross domestic product (GDP) growth estimate of 6 per cent for 2020-21 (FY21), which was revised to 3.5 per cent in late March.

Among the major economies, India and China are the only exception to the declining economic activities in 2020 or FY21 in India’s case. The agency projected total losses of Rs 10 trillion or Rs 7,000 per person due to the “disastrous” lockdowns to control the Covid-19 pandemic.