New Delhi: The Indian economy is set to slow down sharply as companies face the prospect of going weeks or even months with virtually no revenue and consumer demand likely to remain soft even after the coronavirus crisis blows over because of bankruptcies, job losses and the resulting psychological scars.
Forecasters are slashing India’s economic growth estimates for the financial year starting 1 April, with most expecting a severe contraction in June quarter output.
On Monday, S&P Global Ratings cut its estimate for India’s gross domestic product (GDP) growth to 3.5% from its earlier estimate of 5.2%, as it expects the damages to the economy from the covid-19 pandemic for the Asia-Pacific region to be as severe as the one during the Asian