India’s GDP To Contract By 5% In Financial Year ’21 Due To Coronavirus Pandemic
Due to the coronavirus pandemic, the world is certainly ensnared in a devastating recession. The economic downturn could be lengthy and deep and there is anxiety over limited recovery as well. The Indian economy is headed for its worst recession as things have gone downhill since the pandemic began. According to the rating agency CRISIL, the country’s GDP growth is said to fall off a cliff, with the economic output contracting by almost 5 percent this fiscal year.
Meanwhile, the first quarter (Q1) of the financial year 2021 will suffer a major contraction by 25 percent. CRISIL also believes that it will be tough for India to return to its pre-pandemic growth levels and the situation will likely prevail for at least the next three years. Businesses battling slowdown before the pandemic are now facing a bleak future due to the lockdown restrictions. The fear of the virus has reconfigured the very concept of public space and consumer-led growth is impeding.
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