India's GDP projected to decline 4% to 1.6%: Goldmansix

New Delhi, April 8, 2020 Wednesday

The global economy, including India, is estimated to be a major shock due to the corona virus. Goldman Sachs, the world's largest rating agency, has raised doubts that India's economic growth forecast will fall from 4 percent to 1.6 percent.

The Goldman Sachs report also expressed skepticism about the slowdown in the global economy.

Earlier, rating agency Fitch Ratings predicted that India's economic growth began at 1 percent in the current financial year (FY 2020-21), beginning on April 1. This is India's lowest economic growth in the last 30 years.

In a statement released Friday by the rating agency, the lockdown has reduced economic growth in keeping with the Corona virus epidemic and the global recession.

Meanwhile, a report said that the RBI could further reduce interest rates to support the economy. There is no indication of when the economy will improve.

Because it will affect the whole world. The biggest impact of this dire downturn is expected to be in the hospitality sector, including hotels, restaurants.

While Moody's, another rating agency in the world, Moody's predicts India's GDP growth rate to be 2.5 percent in the calendar year 2020. In early March, the agency predicted India's GDP growth rate to be 3 percent and February to 5.4 percent.