Business

ICRA revises GDP growth rate

New Delhi, Jul 16 (Agencies) | Publish Date: 7/16/2020 1:23:19 PM IST

Rating agency ICRA sharply revised to -9.5%, its forecast for India’s growth in the ongoing fiscal on account of the localised lockdowns announced by various state governments and rising cases of Covid-19, in a report on Thursday.

Stating that the developments arrested the nascent recovery that had set in during May-June 2020, the latest estimate took the agency to the lower end of the spectrum of growth expectations for the economy.
“The economy had started to recover from the troughs experienced in April 2020, and many sectors seemed to be adjusting to a new normal. However, the unabated rise in Covid-19 infections in the unlock phase and re-imposition of localised lockdowns in several states, appear to have interrupted this recovery,” said Aditi Nayar, principal economist at ICRA.

-Tags:#ICRA

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