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GDP likely to grow at 1.9% if lockdown is lifted in mid-May: India Ratings

Meanwhile, CRISIL has cut estimates of India's FY21 economic growth rate to 1.8% from earlier 3.5%

Migrant labourer, Migrant worker, Prayagraj, allahabad, Migratory labourer, covid 19, coronavirus, lockdown
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Prayagraj: Migratory labourers rest at a closed market during ongoing COVID-19 lockdown in Prayagraj, Sunday, April 26, 2020. (PTI Photo)

Indivjal Dhasmana New Dehi
The Indian economy may either contract 2.1 per cent or grow 1.9 per cent in the current fiscal year (2020-21), depending on when the lockdown is lifted and how soon the economic activity picks up, India Ratings and Research (Ind-Ra) said on Monday.
 
If the partial lockdown continues till mid-May, the rating agency believes that the economic growth may come down to 1.9 per cent — the lowest in the last 29 years after 1991-92 when the economy grew 1.1 per cent because of the balance of payments crisis. In that situation, Ind-Ra estimate suggests that gross domestic product (GDP)

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First Published: Apr 27 2020 | 2:23 PM IST

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