ICRA pegs GDP contraction at 10-15% in Q1 amid lockdown extension

With lockdown extended till May 3, rating agency ICRA has projected India’s gross domestic product (GDP) to contract 10-15 per cent in the first quarter of 2020-21, which would be unprecedented in the post-Independent history of the country.
 

Earlier, ICRA had expected GDP to fall by 4.5 per cent in the first quarter when lockdown was for 21 days till April 14.
 

India’s economy grew by 5.6 per cent in the first quarter of 2019-20 and 7.1 per cent in the corresponding period of FY19.