Fitch Ratings, CRISIL, SBI Research see India economy shrinking in FY21

CRISIL said it expected the current quarter's GDP to shrink 25 per cent year on year.

Quick fixes won't solve growth problem

The lockdown extension, higher economic costs, and an economic package that lacked muscle are the three key reasons why CRISIL has downgraded the GDP forecast.

Puneet WadhwaIndivjal Dhasmana New Delhi
Fitch ratings, CRISIL, and SBI Research have drastically cut India’s economic growth forecast in the current fiscal year due to a prolonged lockdown. While both Fitch and CRISIL projected the economy to contract 5 per cent, from their earlier estimates of the economic growth at 0.8 per cent and 1.8 per cent, respectively, SBI Research slashed economic contraction to 6.8 per cent from earlier 4.7 per cent.

CRISIL said it expected the current quarter’s GDP to shrink 25 per cent year on year. 

In its latest report, CRISIL said it would really be a long road to recovery and going

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 27 2020 | 12:42 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to