UBS expects India's economic growth to remain negative in the current financial year

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Mumbai, Ta. Wednesday, April 29, 2020

The Indian economy is expected to be hit hard by the coronavirus lockdown and the impending threat of a global recession. UBS expects India's economic growth to shrink to -0.50 per cent in the current financial year. Earlier, UBS had projected India's economic growth at 7.50 per cent.

UBS's estimate is based on the country's current situation and the possibility of lifting existing sanctions. Earlier, another global rating agency, Fitch, had slashed India's growth forecast for the fiscal year 2020-21 to 0.5 per cent, the lowest ever. Estimates have been reduced in view of the impact of the Kovid-12 epidemic and the government's efforts to prevent it. Prior to Covid-12, the agency had projected a growth rate of 7.5 per cent for India.

Measures taken due to coronavirus will increase the strain on the country's financial and financial situation. Apart from Fitch, the International Monetary Fund (IMF) has pegged India's economic growth at 1.5 per cent. Rating agency Crisil also downgraded its estimate from 7.5 per cent to 1.2 per cent. However, no estimates have been released by the Indian government regarding the country's economic situation.

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