Moody's slashes India's growth estimate to 0.2% for 2020 from 2.5%

Moody's expected India's economic growth to recover to 6.2 per cent in 2021

Moody’s Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2 per cent, from 2.5 per cent projected in March. For 2021, the rating agency expects India’s growth to rebound to 6.2 per cent.
 

The rating agency had cut its projections from 5.2 per cent to 2.5 per cent after Prime Minister Narendra Modi announced a nationwide lockdown on March 24.
 

India lost the tag of the fastest-growing major economy to China in 2019, when it grew 5.3 per cent, against China’s 6.1 per cent. The same holds true for 2020 and 2021. China is projected